THUR 03 MARCH, 2022-theGBJournal- Profit-taking activities continued today in the domestic equities market with GTCO (-1.1%), ZENITHBANK (-0.9%), INTBREW (-4.9%), and GUINNESS (-4.4%) stocks weighing down the bourse. Thus, the All-Share Index ended the session 0.1% lower at 47,296.07 points. Accordingly, the Month-to-Date and Year-to-Date return moderated to -0.2% and +10.7%, respectively.
The total volume of trades declined by 13.0% to 243.44 million units, valued at NGN6.88 billion, and exchanged in 7,056 deals. TRANSCORP was the most traded stock by volume at 28.22 million units, while MTNN was the most traded stock by value at NGN4.65 billion.
On sectors, losses in the insurance (-1.4%), Consumer Goods (-0.7%), Banking (-0.6%), and Oil & Gas (-0.1%) indices reflected the overall market’s performance. However, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.3x), as 11 tickers gained relative to 33 losers. CAP (-10.0%) and RTBRISCOE (-10.0%) recorded the most significant losses of the day, while ABCTRANS (+9.4%) and LASACO (+7.6%) topped the gainers’ list.
Currency
The naira was flat at NGN416.50/USD at the I&E window.
Money & Fixed Income Market
The overnight lending rate contracted by 25bps to 2.8% in the absence of any significant funding pressure on the system.
In today’s session, the Treasury bills secondary market traded with bullish sentiments as the average yield declined by 5bps to 3.4%. Across the curve, most of the day’s activity was witnessed at the long (-15bps) end, as market participants’ demanded the 343DTM (-109bps) bill; the average yield was flat at the short and mid segments. Elsewhere, the average yield was unchanged at 3.3% in the OMO segment.
Proceedings in the Treasury bonds secondary market were bullish as the average yield declined by 19bps to 10.6%. Across the benchmark curve, the average yield contracted at the short (-17bps), mid (-38bps), and long (-9bps) segments following buying interests in the MAR-2024 (-64bps), JUL-2030 (-153bps), and MAR-2035 (-54bps) bonds, respectively.
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