MON 04 OCT, 2021-theGBJournal- Trading in the domestic equities market carried on last week’s bullish performance, as investors’ interest in FBNH (+1.9%) inspired today’s gain. Precisely, the benchmark index notched a 0.1% increase, to close at 40,243.05 points. Accordingly, Month-to-Date and Year-to-Date returns printed +0.1% and -0.1%, respectively.
The total volume of trades dipped by 80.7% to 202.36 million units, valued at NGN1.86 billion, and exchanged in 4,066 deals. FIDELITYBK was the most traded stock by volume at 18.95 million units, while GTCO was the most traded stock by value at NGN512.41 million.
Analysing by sectors, the Insurance (+1.5%) and Consumer Goods (+0.1%) indices posted gains while the Oil & Gas (-0.4%) index declined. The Industrial Goods and Banking indices closed flat.
As measured by market breadth, market sentiment was positive (1.6x), as 22 tickers gained relative to 14 losers. MANSARD (+9.9%) and PHARMDEKO (+9.8%) recorded the highest gains of the day, while MORISON (-10.0%) and NNFM (-9.9%) topped the losers’ list.
Currency
The naira was flat at NGN413.55/USD at the I&E window.
Money Market & Fixed Income
The overnight lending rate contracted by 700bps to 8.8% in the absence of any significant funding pressures on the system.
Trading in the NTB secondary market was mixed, albeit with bearish bias, as the average yield inched higher by 3bps to 5.3%. Across the curve, the average yield was flat at the short and mid segments but expanded at the long (+5bps) end as market participants sold off the 311DTM (+39bps) bill. Elsewhere, the average yield at the OMO segment closed flat at 6.3%.
The Treasury bond secondary market was mixed with a bullish tilt, as the average yield pared by 3bps to 11.0%. Across the benchmark curve, the average yield was unchanged at the short and long ends but contracted at the mid (-11bps) segment following demand for the APR-2029 (-25bps) bond.
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