…Naira trades at NGN415/USD and NGN383/USD in parallel market and I&E FX window respectively
MON, APRIL 06 2020-theG&BJournal- The domestic equities market resumed this week’s trading on a negative note following investors sell-off of bellwether stocks – DANGCEM (-6.4%) and BUACEMENT (-9.9%). Thus, the All-Share Index declined by 2.0% to 20,669.38 points. Accordingly, Month-to-date and Year-to-Date losses increased to -3.0% and -23.0%, respectively.
The total volume of trades increased by 43.0% to 336.43 million units, valued at NGN4.13 billion and exchanged in 4,184 deals. FBNH was the most traded stock by volume at 98.62 million units while GUARANTY was the most traded stock by value at NGN1.00 billion, respectively.
Sectoral performance was broadly negative as declines in the Industrial Goods (-7.2%) and Oil and Gas (-4.9%) indices masked the gains recorded in the Banking (+2.6%), Insurance (+1.9%) and Consumer Goods (+0.6%) indices.
Market sentiment, as measured by market breadth, was positive (1.6x), as 21 tickers gained, relative to 13 losers. ACCESS (+9.9%) and AIICO (+9.6%) recorded the largest gains, while NAHCO (-10.0%) and LEARNAFRCA (-10.0%) were the top losers of the day.
Currency
The naira traded flat at the parallel market and I&E FX window at NGN415/USD and NGN383/USD, respectively.
Money Market & Fixed Income
The overnight lending rate expanded by 220bps to 4.8%, as banks funded for CBN’s weekly Wholesale, Invisibles and SMEs FX auctions.
Trading in the NTB secondary market remained was mixed, with a bearish tilt, as average yield across instruments expanded by 3bps to 3.3%. Across the curve, yield expanded at the mid (+10bps) segment following sell-off of the 178DTM (+21bps) instrument; the short and long ends were flat. Conversely, average yield contracted by 24bps to 13.6% in the OMO secondary market.
The Treasury bond secondary market was bullish as average yield contracted by 8bps to 11.6%. Across the curve, yields contracted at the short (-17bps) and mid (-7bps) segments of the curve, following buying interests in the APR-2023 (-50bps) and APR-2029 (-16bps) bonds, respectively; the long end was flat.-With Cordros Research
|twitter:@theGBJournal|email: info@govandbusinessjournal.com.ng|
