MON 07 MARCH, 2022-theGBJournal| Activities in the Nigerian equities market began week bearish, picking from where they left off last week as investors sold off SEPLAT (-4.3%) stock. Thus the All-Share Index settled 1bp lower to close at 47,262.61 points. Consequently, the Month-to-Date and Year-to-Date return moderated to -0.3% and +10.6%, respectively.
The total volume traded grew by 62.8% to 291.88 million units, valued at NGN2.86 billion, and exchanged in 4,792 deals. JAIZBANK was the most traded stock by volume at 75.46 million units, while GTCO was the most traded stock by value at NGN399.01 million.
Analysing by sectors, the Banking (+0.7%), Insurance (+0.2%), and Consumer Goods (+0.2%) indices recorded gains, while the Oil & Gas (-2.4%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.2x) as 19 tickers gained relative to 16 losers. CORNERST (+9.4%) and WAPIC (+8.7%) recorded the most significant gains of the day, while NIGERINS (-8.7%) and AIICO (-5.7%) topped the losers’ list.
CURRENCY
The naira was flat at NGN416.50/USD at the I&E window.
MONEY & FIXED INCOME
The overnight lending rate contracted by 433bps to 9.5%, in the absence of any significant funding pressure on the system.
Trading in the Treasury bills secondary market was mixed, as the average yield closed flat at 3.4%. Similarly, the average yield at the OMO segment was unchanged at 3.3%.
Proceedings in the Treasury bond secondary market were bullish, as the average yield declined by 15bps to 10.4%. Across the benchmark curve, the average yield contracted at the mid (-14bps) and long (-24bps) segments following buying interests in the JUL-2030 (-30bps) and MAR-2036 (-67bps) bonds, respectively. Conversely, the average yield was flat at the short end.
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