THUR, AUG 20 2020-theG&BJournal– The local bourse gained for the third straight session this week, as the ASI advanced by 0.1% to close at 25,204.60 points. Pertinently, the performance was driven by buying sentiments across INTBREW (+10.0%) and some bank stocks. Therefore, the Month-to-Date gain increased to 2.1% while Year-to-Date loss moderated to -6.1%.
The total trade volume declined by 0.26% to 179.55 million units, valued at NGN2.53 billion and exchanged in 3,055 deals. TRANSCORP was both the most traded stock by volume at 35.48 million units while NESTLE was the most traded stock by value at NGN983.47 million.
On sectors, the Consumer Goods (+0.5%), Banking (+0.2%) and Industrial Goods (+0.03%) indices recorded gains, while the Insurance (-0.2%) index declined. The Oil & Gas index traded flat.
Market sentiment, as measured by the market breadth, was positive (1.7x), as 17 tickers gained relative to 10 losers. INTBREW (+10.0%) and CUTIX (+9.7%) topped the gainers’ list while STUDPRESS (-9.6%) and UAC-PROP (-9.5%) recorded the largest losses of the day.
Currency
The naira was flat at the I&E window and parallel market at NGN386.00/USD and NGN477.00/USD, respectively.
Money Market & Fixed Income
The overnight lending rate contracted by 720bps to 6.3%, following inflows from OMO maturities (NGN180.63 billion).
Trading in the NTB secondary market was bearish, as average yield expanded by 6bps to 1.7%. Across the curve, yield expanded at the short (+5bps) and mid (+13bps) segments, due to sell-offs of the 84DTM (+39bps) and 98DTM (+34bps) instruments, while they were flat at the long end. Conversely, average yield contracted by 10bps to 3.8% at the OMO secondary market.
Elsewhere, trading in the Treasury bond secondary market was bearish, as average yield expanded by 10bps to 7.9%. Across the benchmark curve, yield expanded at the short (+1bp), mid (+29bps) and long (+8bps) segments, due to sell-offs of the JAN-2026 (+12bps), APR-2029 (+35bps) and MAR-2050 (+10bps) bonds, respectively.-With Cordros Research
|twitter:@theGBJournal|email: info@govandbusinessjournal.com.ng|
