MON 17 MAY, 2021-theGBJournal- Trading in the local bourse opened the week on a bearish note, as the All-Share Index snapped last week’s gains and declined by 0.4% to 39,306.47 points. Investors’ sell-offs of MTNN (-1.1%) and BUACEMENT (-1.2%) drove the performance. Consequently, the Month-to-Date and Year-to-Date losses increased to -1.3% and -2.4%, respectively.
The total volume traded increased by 62.8% to 357.45 million units, valued at NGN3.6 billion, and exchanged in 4,394 deals. ZENITHBANK was the most traded stock by volume and value at 52.68 million units and NGN1.25 billion, respectively.
Performance across sectors was broadly negative, following losses in the Industrial Goods (-0.7%), Banking (-0.6%), Insurance (-0.3%) and Consumer Goods (-0.1%) indices. The Oil & Gas (+0.2.1%) index was the lone gainer of the day.
As measured by market breadth, market sentiment was positive (1.6x), as 22 tickers gained, relative to 14 losers. ETERNA (+9.9%) and ROYALEX (+9.2%) recorded the most significant gains of the day, while ENAMELWA (-9.8%) and AFRIPRUD (-6.9%) topped the losers’ list.
The naira was flat at NGN411.50/USD and NGN484.00/USD at the I&E window and parallel market, respectively.
Money Market & Fixed Income
The overnight lending rate contracted by 15.13ppts to 13.8%, in the absence of significant funding pressures on the system.
The NTB secondary market traded on a bearish note, as the average yield expanded by 24bps to 5.3%. Across the curve, average yield declined at the short (-31bps) end following demand for the 45DTM (-57bps) instrument and expanded at the mid (+59bps) and long (+32bps) segments due to sell-offs of the 178DTM (+101bps) and 192DTM (+91bps) bills. Similarly, the average yield at the OMO segment expanded by 4bps to 8.7%.
Trading in the Treasury bond secondary market was bearish, as the average yield expanded slightly by 1bp to 12.2%. Across the benchmark curve, average yield expanded at the short (+4bps) end due to sell-off of the JAN-2022 (+57bps) bond and contracted at the long (-1bp) end following buying interest in the JUL-2045 (+5bps) bond; the mid-segment closed flat.