TUE, MARCH 17 2020-theG&BJournal- The domestic bourse sustained its bearish trend, as the All-Share Index declined by 0.7% to 22,543.07 points, underpinned by a sell-off of DANGCEM (-10.0%) shares. Thus, the Month-to-Date and Year-to-Date losses worsened to -14.0% and -16.0%, respectively.
The total volume of trades increased by 22.6% to 675.91 million units, valued at NGN8.06 billion and exchanged in 7,368 deals. ZENITHBANK was the most traded stock by volume at 173.94 million units while GUARANTY was the most traded stock by value at NGN2.57 billion.
Analysing by sectors, losses in the Industrial Goods (-2.2%), and Oil and Gas (-0.6%) indices, offset gains in the Banking (+5.6%) and Insurance (+0.9) indices. The Consumer Goods (0.0%) index was flat.
Market sentiment, as measured by market breadth, was positive (2.5x), as 27 tickers gained, relative to 11 losers. WAPCO (+10.0%) and ACCESS (+10.0%) were the top gainers, while DANGCEM (-10.0%) and NASCON (-10.0%) recorded the largest declines of the day.
CURRENCY
The naira was flat at NGN380.00/USD in the parallel market but strengthened by 0.1% to NGN367.57/USD at the I&E FX window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 546bps to 12.6%, as system liquidity – estimated at NGN266.11 billion – improved.
Trading in the NTB secondary market was flat as market players steadied for tomorrow’s NTB PMA. Conversely, average yield expanded in the OMO secondary market by 4bps to 17.0%. At tomorrow’s NTB PMA, the CBN is expected to offer NGN47.56 billion worth of instruments to investors across all tenors.
Trading in the Treasury bond secondary market was bullish, as average yield contracted by 6bps to 11.7%. Across the curve, yields contracted across the mid (-16bps) and long (-4bps) segments of the curve following buying interest in the MAR-2027 (-66bps) and APR-2049 (-52bps) bonds, respectively. Conversely, a selloff of the APR-2023 (+14bps) bond led to yield expansion at the short (+2bps) end of the curve.-With Cordros Research
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