TUE, MAY 19 2020-theG&BJournal- Sentiments remained positive in the Nigerian equities market, as investors’ demand for DANGCEM (+2.8%) and banking stocks supported the All Share Index to advance by 1.1% to 24,202.87 points – the biggest move since May 07, 2020. Accordingly, Month-to-Date gain increased to 5.1%, as Year-to-Date losses moderated to -9.8%.
The total volume of trades increased by 2.6% to 339.76 million units, valued at NGN3.92 billion and exchanged in 4,784 deals. ACCESS was the most traded stock by volume at 80.65 million units, while GUARANTY was the most traded stock by value at NGN972.00 million.
Sectoral performance was positive as gains in the Banking (+2.1%), Industrial Goods (+0.8%), Insurance (+0.4%) and Oil and Gas (+0.2%) indices, masked the decline in the Consumer Goods (-1.7%) index.
Market sentiment, as measured by market breadth, was positive (3.6x), as 29 tickers gained, relative to 8 losers. CAVERTON (+10.0%) and OKOMUOIL (+9.9%) were the top gainers of the day, while LASACO (-8.0%) and NAHCO (-4.5%) recorded the largest losses of the day.
Currency
The naira was flat at NGN386.33/USD at the I&E window while it depreciated by 1.1% to NGN460.00/USD at the parallel market.
Money Market & fixed Income
The overnight lending rate pared by 3bps to 7.6%, as system liquidity –estimated at NGN517.76 billion— remains healthy.
Trading in the NTB secondary market was bearish, as average yield expanded by 1bp to 2.4%. Yields expanded at the long (+5bps) end, following sell-off of the 191DTM (+13bps) instrument. The short and mid segments traded flat. Elsewhere, average yield contracted by 29bps to 8.0% in the OMO secondary market
Trading in the Treasury bond secondary market was bullish, as average yield contracted by 4bps to 10.5%. Across the curve, yields pared at the short (-4bps), mid (-5bps) and long (-3bps) segments, following demand for the JAN-2026 (-15bps), MAR-2027 (-21bps) and APR-2049 (-19bps) bonds, respectively.-with Cordros Research
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