WED, APRIL 01 2020-theG&BJournal- The Nigerian equities dipped further into the bear territory, as investor sold-off DANGCEM (-10.0%). Thus, the All-Share Index declined by 0.9% to 21,100.54 points. Accordingly, Year-to-Date loss increased to -21.4%, respectively.
The total volume of trades decreased by 63.4% to 154.55 million units, valued at NGN1.77 billion and exchanged in 3,415 deals. ZENITHBANK was the most traded stock by volume and value at 38.67 million units and NGN443.55 million, respectively.
Sectoral performance remained negative, as the Industrial Goods (-2.6%), Banking (-2.0%) and Consumer Goods (-1.2%) indices printed losses. However, the Insurance (+0.1%) index was positive. The Oil and Gas index continued flat.
Market sentiment, as measured by market breadth, was negative (0.2x), as 26 tickers lost, relative to 6 gainers. UNILEVER (-10.0%) and DANGCEM (-10.0%) were the top losers, while MTNN (+9.3%) and INTBREW (+9.2%) recorded the largest gains of the day.
Currency
The naira traded flat at the parallel market and I&E FX window at NGN415/USD and NGN385.55/USD respectively.
Money Market & Fixed income
The overnight lending rate contracted by 375bps to 6.1%, as system liquidity improved to NGN470.24 billion.
Trading in the NTB secondary market was bullish as average yield across instruments contracted by 6bps to 3.6%. Across the curve, yields contracted at the mid (-16bps) segment following demand for the 121DTM (-98bps) instrument; the short and long ends were flat. Similarly, average yield contracted by 51bps to 14.5% in the OMO secondary market. At today’s NTB PMA, the CBN fully allotted NGN95.68 billion worth of bills – NGN10.00 billion of the 91-day, NGN17.60 billion of the 182-day and NGN68.08 billion of the 364-day – at respective stop rates of 2.20% (previously 2.30%), 3.20% (previously 3.40%), and 4.30% (previously 4.60%).
The Treasury bond secondary market remained bullish as average yield contracted by 5bps to 11.8%. Across the curve, yields contracted at the short (-1bp), mid (-6bps) and long (-7bps) segments of the curve, following buying interest in the JUL-2021 (-3bps), FEB-2028 (-20bps) and JUL-2034 (-34bps) bonds, respectively.-With Cordros Research
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