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Markets Wrap: All-Share Index fell by 0.1% in the final day of a turbulent quarter

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TUE, MARCH 31 2020-theG&BJournal- Nigeria’s equities market ended trading bearish in the final day of the quarter, as investors continued to sell off Tier 1 banks’ stocks. Thus, the All-Share Index declined by 0.1% to 21,300.47 points. Accordingly, Month-to-Date and Year-to-Date losses increased to -18.8% and -20.7%, respectively.

The total volume of trades decreased by 9.6% to 422.0 million units, valued at NGN1.72 billion and exchanged in 3,448 deals. STERLNBANK was the most traded stock by volume at 303.46 million units while ZENITHBANK was the most traded stock by value at NGN350.40 million.

Analysing by sectors, losses in the Banking (-1.1%) and Industrial Goods (-0.1%) indices masked the gains recorded in the Insurance (+1.6%) and Consumer Goods (+0.5%) indices. The Oil and Gas index was flat.

Market sentiment, as measured by market breadth, was negative (0.8x), as 11 tickers lost, relative to 9 gainers. JAIZBANK (-9.4%) and IKEJAHOTEL (-9.1%) were the top losers, while GLAXOSMITH (+10.0%) and MAYBAKER (+9.7%) recorded the largest gains of the day.

CURRENCY

The naira traded flat at the parallel market and I&E FX window at NGN415/USD and NGN385.55/USD respectively.

MONEY MARKET AND FIXED INCOME

The overnight lending rate contracted by 550bps to 9.8%, following an improvement in system liquidity – estimated at NGN412.80 billion.

Trading in the NTB secondary market was mixed as market participants steadied for tomorrow’s NTB PMA where the CBN will be rolling over maturing bills worth NGN95.68 billion. Meanwhile, average yield contracted by 27bps to 15.1% in the OMO secondary market.

The Treasury bond secondary market was bullish as average yield pared by 4bps to 11.8%. Across the curve, yields contracted at the short (-1bp), mid (-10bps) and long (-2bps) segments of the curve, following buying interest in the JUL-2021 (-2bps), APR-2029 (-29bps) and APR-2049 (-13bps) bonds, respectively.-with Cordros Research

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