TUE, MAY 05 2020-theG&BJournal- The domestic bourse maintained its upward trend, as interest in bellwether stocks – DANGCEM (+10.0%), MTNN (+3.5%) and NESTLE (+6.0%) – caused a consecutive daily gain in the market. Consequently, the All-Share Index increased by 3.1% to 23,809.31 points. Accordingly, the Month-to-Date gain increased to 3.4% as Year-to-Date losses moderated to -11.3%.
The total volume of trades increased by 38.2% to 345.18 million units, valued at NGN4.25 billion and exchanged in 4,689 deals. GUARANTY was the most traded stock by volume and value at 54.29 million units and NGN1.14 billion, respectively.
Analysing by sectors, performance was positive as all sector indices gained save for the Insurance (-0.3%) index that lost. The Banking (+2.4%) and Consumer Goods (+2.4%) indices led the gains, followed by the Industrial Goods (+1.6%) and Oil and Gas (+0.7%) indices.
Market sentiment, as measured by market breadth, was positive (4.8x), as 29 tickers gained, relative to 6 losers. DANGCEM (+10.0%) and NEIMETH (+9.3%) were the top gainers of the day, while MAYBAKER (-10.0%) and NPFMCRFBK (-9.6%) were the top losers of the day.
CURRENCY
The naira weakened by 0.4% w/w to NGN385.40/USD at the I&E window while it was flat at NGN430.00/USD at the parallel market.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 71bps to 5.4%, as system liquidity remains strained.
Trading in the NTB secondary market remained flat at 2.7% as little or no trading was recorded in the space today. Elsewhere, average yield expanded by 26bps to 10.1% in the OMO secondary market.
Trading in the Treasury bond secondary market was mixed, with a bullish bias, as average yield pared by 4bps to 10.2%. Across the curve, yields contracted at the short (-4bps), mid (-8bps) and long (-1bp) segments, following demand for the APR-2023 (-17bps), FEB-2028 (-34bps) and APR-2037 (-5bps) respectively.-With Cordros Research
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