…The local bourse records its seventh consecutive gain
TUE, 22 DEC, 2020-theGBJournal- The naira weakened by 0.2% to NGN394.67/USD at the I&E window but appreciated by 0.2% to NGN476.00/USD in the parallel market.
At the MONEY MARKET, the overnight lending rate declined by 112bps to 0.9%, as OMO maturities worth NGN250.51 billion came into the system.
Activities in the NTB secondary market was mixed, as the market traded in a lull. Thus, the average yield was flat at 0.4%. Elsewhere, the average yield at the OMO secondary market expanded by 3bps to 0.4%.
Trading in the Treasury bonds secondary market was mixed, as the average yield was flat at 5.4%. Across the curve, average yield pared at the short (-1bp) end, following some interest in the JAN-2021 (-1bp) bond, but expanded slightly at the long (+1bp) end, due to profit-taking on the MAR-2036 (+4bps) bond. Average yield was unchanged at the mid-segment.
EQUITIES
The local bourse recorded its seventh consecutive gain today, following buying interests in DANGCEM (+6.3%), UBA (+2.4%) and ZENITHBANK (+0.8%) stocks. Thus, the benchmark index advanced by 1.2% to 37,893.61 points. Consequently, Month-to-Date and Year-to-Date gain increased to and 8.1% and 41.2%, respectively.
The total volume traded increased by 3.6% to 442.22 million units, valued at NGN10.29 billion, and exchanged in 4,948 deals. ZENITHBANK was the most traded stock by volume at 59.02 million units, while DANGCEM was the most traded stock by value at NGN3.17 billion.
Sectoral performance was mixed, following gains in the Industrial Goods (+3.4%) and Banking (+0.1%) indices, and losses in the Insurance (-0.5%), Oil & Gas (-0.3%) and Consumer Goods (-0.2%) indices.
Market sentiment, as measured by market breadth, remained negative (0.7x), as 21 tickers lost, relative to 14 gainers. CHIPLC (-10.0%) and REDSTAREX (-9.6%) topped the losers’ list, while ETERNA (+10.0%) and FTNCOCOA (+8.8%) recorded the largest gains of the day.-With Cordros Research
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