WED, FEB 26 2020-theG&BJournal-The domestic equities market sustained its bearish performance, as the benchmark index pared by -0.22% to 26,974.38 points, on the account 26,974.38 sell-offs of MTNN and ETI stocks. Consequently, the Month-to-Date loss increased to -6.48%, while the Year-to-Date return moderated to 0.49%.
The total volume of trades decreased by 5.52% to 228.38 million units, valued at NGN2.74 billion and exchanged in 3,831deals. UBA was the most traded stock by volume at 81.12 million units, while ZENITHBANK was the most traded by value at NGN590.3 million.
All sector indices recorded expansion save for the Insurance (-1.14%) index, as the Industrial Goods (+1.95%), Banking (+0.38%), and Consumer Goods (+0.01%) indices declined; Oil & Gas indices closed flat.
Market sentiment, as measured by market breadth, was negative (0.7x), as 15 tickers declined, relative to 11 gainers. VITAFOAM (-10.00%) and REDSTAREX (-9.76%) topped the laggards list, while HONYFLOUR (+9.38%) and FCMB (+6.29%) were the top gainers for the day.
CURRENCY
The naira remained flat against the US dollar at NGN360.00/USD in the parallel market, while it weakened by 0.04% to NGN365.52/USD at the I&E FX window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 17bps to 2.90% as system liquidity – estimated at NGN514.91 billion – remains buoyant.
The NTB market traded flat as market participants shifted focus to the NTB PMA. Elsewhere, the average yield in the OMO secondary market contracted by 20bps to close at 11.10%. At today’s NTB primary auction, the CBN fully allotted NGN104.12 billion worth of bills – NGN20.37 billion of the 91-day, NGN31.75 billion of the 182-day and NGN52.00 billion of the 364-day – at respective stop rates of 3.00% (previously 3.00%), 4.00% (previously 4.00%), and 5.70% (previously 6.54%).
The FGN bond secondary market sustained its bullish trend, as average yield contracted by 17bps to 9.00%. Yields contracted across the short (-28bps), mid (-16bps) and long (-2bps) segments of the curve, driven by demand for the JAN-2022 (-113bps), MAR-2027 (-50bps), and MAR-2036 (-9bps) bond, respectively.-Courtesy of Cordros Securities
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