…Naira appreciates at the I&E window by 0.1% to NGN410.50/USD
WED 14 APRIL, 2021-theGBJournal-The Nigerian equities market recorded its first gain this week, as buying interests in MTNN (+0.6%) and FBNH (+2.0%) notched the All-Share Index higher by 0.1% to 38,636.15 points. Accordingly, Month-to-Date and Year-to-Date losses moderated to -1.1% and -4.1%, respectively.
The total volume of trades increased by 33.2% to 278.04 million units, valued at NGN2.27billion, and exchanged in 3,989 deals. UACN was the most traded stock by volume at 32.60 million units, while ZENITHBANK was the most traded stock by value at NGN431.43 million.
On sectors, the Insurance (-2.2%), Banking (-0.2%), and Oil & Gas (-0.1%) indices recorded losses, the Consumer Goods (+0.2) index gained, while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 21 tickers declined relative to 14 gainers. NNFM (-10.0%) and FIDSON (-9.9%) topped the losers’ list, while GUINNESS (+10.0%) and MEYER (+8.2%) recorded the most significant gains of the day.
The naira appreciated at the I&E window by 0.1% to NGN410.50/USD but stayed flat at NGN482.00/USD in the parallel market.
Money Market & Fixed Income
The overnight lending rate contracted by 50bps to 12.3%, in the absence of any significant outflows from the system.
Trading in the NTB secondary market was bullish, as the average yield declined by 1bp to 4.4%. Across the curve, the average yield was flat at the short and long ends but contracted at the mid (-5bps) segment due to demand for the 148DTM (-28bps) bill. Elsewhere, the OMO segment’s average yield expanded by 12bps to 6.9%.
Activity in the Treasury bond secondary market was bearish, as the average yield expanded by 23bps to 10.9%. Across the benchmark curve, average yield expanded at the short (+23bps), mid (+12bps) and long (+29bps) segments following sell-offs of the JAN-2026 (+145bps), FEB-2028 (+43bps) and JUL-2045 (+61bps) bonds, respectively.