TUE, MAY 12 2020-theG&BJournal- The domestic bourse recorded its third consecutive loss after today’s trading, following profit-taking in DANGCEM (-4.3%), BUACEMENT (-0.9%) and MTNN (-0.4%) stocks. Thus, the All-Share Index declined by 1.1% to 23,695.90 points. Accordingly, Month-to-Date gain decreased to 2.9%, as Year-to-Date losses increased to -11.7%.
The total volume of trades decreased by 24.9% to 155.75 million units, valued at NGN1.68 billion and exchanged in 4,005 deals. FBNH was the most traded stock by volume at 27.85 million units while DANGCEM was the most traded stock by value at NGN350.31 million.
Sectoral performance was negative, following losses in the Industrial Goods (-1.8%), Insurance (-0.6%), Banking (-0.3%) and Consumer Goods (-0.02%) indices. The Oil and Gas index was flat.
Market sentiment, as measured by market breadth, was negative (0.9x), as 15 tickers declined, relative to 13 gainers. CAVERTON (-10.0%) and ARBICO (-9.7%) were the top losers of the day, while NEIMETH (+10.0%) and NPFMCRFBK (+9.8%) were the top gainers of the day.
Currency
The naira was flat at NGN386.94/USD and NGN445.00/USD at the I&E window and parallel market, respectively.
Money Market & Fixed Income
The overnight lending rate contracted by 143bps to 9.6%, in the absence of any significant outflows to the system.
Trading in the NTB secondary market was mixed, as yields were flat at 2.7%, as investors’ focus shifts to tomorrow’s PMA, where the CBN will be offering NGN33.84 billion worth of instruments to investors. Elsewhere, average yield contracted by 35bps to 9.5% in the OMO secondary market.
Trading in the Treasury bond secondary market was bearish, as average yield expanded by 29bps to 10.6%. Across the curve, yields at the short (+58bps), mid (+17) and long (+7bps) segments expanded following sell-offs of the APR-2023 (+93bps), JUL-2030 (+34bps) and JUL-2034 (+35bps) bonds, respectively.-With Cordros Research
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