MON, MARCH 11 2019-theG&BJournal– Nigerian equities began the week wobbly and down, as investors fret about the economic direction of the country after a hugely controversial presidential and gubernatorial elections.
Investors responded by dumping most stocks across banking and consumer sectors.
The Benchmark index sank 0.90% to 31,636.66 points, with banking sector losses leading the drag down. Banking stocks dropped -2.87% at closing bell. Consumer Goods ended the day -0.68% down while the Industrial Goods sector fell -0.44%. The Insurance stocks also fell -0.53%. Marginal gain was recorded by the Oil & Gas stocks with the index gaining +0.01%.
NESTLE shares topped the losers table, ending the day -1.99% down. Okomu Oil was down -1.25% while WAPCO and INTBREW ended the day down by -3.47% and -1.11% respectively.
On FX market the Naira held firm finishing the day flat at N360/$ after a brief 0.05% appreciation to N360.23/$.
The overnight lending rate rose 150 bps to 11.58%, from 10.08% in the previous session, as banks provisioned for the CBN’s wholesale FX intervention.
Trading in the treasury bills market was mixed, as average yield shed 1 bp to close at 13.49%. Yields contracted at the short (-1 bp) and long (-2 bps) ends of the curve, owing to demand for the 59DTM (-33 bps) and 269DTM (-31 bps) bills, respectively. Conversely, yields expanded at the mid (+4 bp) segment, following a selloff of the 185DTM (+15 bps) bill.
Activities in the bond market were bearish, as average yield rose 5 bps to 14.30%. Selloffs were spread across the mid (+13 bps) and long (+7 bps) segments, with respective yields on the MAR-2027 (+39 bps) and APR-2037 (+8 bps) bonds expanding. Conversely, demand for the JUN-2019 (-17 bps) bond led to yield contraction at the short (-6 bps) end of the curve.
|twitter:@theGBJournal|email: info@govandbusinessjournal.com.ng|
