TUE 25 MAY, 2021-theGBJournal- Profit-taking continued today in the domestic equities market, with Tier I Banking stock — GUARANTY (-1.2%) weighing down the bourse. Consequently, the NGX ASI ended the session 0.1% lower at 38,256.76 points. Accordingly, Month-to-date and Year-to-Date losses increased to -4.0% and -5.0%, respectively.
The total volume of trades increased by 77.3% to 250.20 million units, valued at NGN1.55 billion and exchanged in 3,534 deals. COURTVILLE was the most traded stock by volume at 36.85 million units, while ZENITHBANK was the most traded stock by value at NGN649.41 million.
On sectors, the Insurance (-1.6%) and Banking (-0.5%) indices declined while the Consumer Goods, Oil & Gas, and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.6x) as 17 tickers lost, relative to 11 gainers. LASACO (-7.1%) and CHAMPION (-5.7%) topped the losers’ list, while CILEASING (+9.9%) and ROYALEX (+8.8%) recorded the most significant gains of the day.
Currency
The naira depreciated at the I&E window by 0.1% to NGN411.56/USD but stayed flat at NGN486.00/USD in the parallel market.
MONEY MARKET & FIXED INCOME
The overnight lending rate was flat at 15.3%, in the absence of any significant movement in system liquidity.
The NTB secondary market traded flat, as the average yield was flat at 5.8%. Similarly, the average yield at the OMO segment was flat at 9.6%.
Trading in the Treasury bond secondary market was bearish, as the average yield expanded by 9bps to 12.4%. Across the benchmark curve, average yield expanded at the short (+25bps) and long (+1bp) ends due to sell-off of the APR-2023 (+149bps) and MAR-2035 (+4bps) bonds respectively, but was flat at the mid-segment.-With Cordros Research
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