THUR, FEB 20 2020-theG&BJournal- In today’s trading, the domestic equities market was on the verge of closing negative, however, late investors’ interest in BUACEMENT (+3.0%), drove the benchmark index higher by 0.2% to 27,568.91points. Consequently, the Month-to-date loss moderated to 4.4%, while Year-to-Date gain increased to 2.7%
The total volume of trade increased by 67.2% to 485.00 million units, valued at NGN3.59 billion, and exchange in 4,187.0 deals. SOVRENINS was the most traded stock by volume at 200 million units, while GUARANTY was the most traded by value at NGN1.57 billion units.
On sector performance, significant gains recorded in the Industrial Goods (+1.67%) and insurance (+1.3%) indices, masked the declines in the Oil and Gas (-0.9%), Banking (-0.5%) and Consumer Goods (-0.04%) indices.
Market sentiment, as measured by market breadth, was positive (2.1x), as 19 tickers gained, relative to 9 laggards. AIICO (+10.0%) and IKEJAHOTEL (+10.0%) topped the gainer’s list, while LAWUNION (-10.0%) and CHAMPION (-9.3%) recorded the largest decline.
CURRENCY
The naira traded flat against the US dollar at NGN360.00/USD in the parallel market while it strengthened by 0.15% to NGN364.48/USD at the I&E FX window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 2bps to 4.1% as system liquidity increased following inflows from OMO maturities (NGN627.2 billion).
Trading in the NTB secondary market remained quiet, as the yields across all instruments were unchanged at 4.05%. Elsewhere, average yield contracted by 65bps to 12.2% in the OMO secondary market.
The Treasury bonds market was bullish, as average yield contracted by 8bps to 10.0%. Yields contracted at the long (-20bps) and mid (-8bps) segments, following buying interests in the JUL-2034 (-32bps) and JUL-2030 (-13bps) bonds respectively. Conversely, yields expanded at the short (+2bps) end of the curve following sell-offs of the JUL-2021 (+21bps) bond.-Courtesy Cordros Research
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