TUE 18 MAY, 2021-theGBJournal- Trading in the domestic equities market was positive for most of the day; however, profit-taking in BUACEMENT (-5.7%) dragged the market further into the bear territory. Consequently, the All-Share Index declined by 0.7% to 39,023.28 points. Accordingly, Month-to-Date and Year-to-Date losses increased to -2.0% and -3.1%, respectively.
The total volume of trades decreased by 42.8% to 204.65 million units, valued at NGN1.84 billion, and exchanged in 3,940 deals. COURTVILLE was the most traded stock by volume at 27.12 million units, While ZENITHBANK was the most traded stock by value at NGN435.53 million.
Sectoral performance was mixed, as the Industrial Goods (-2.6%), Insurance (-1.1%) and Consumer Goods (-0.1%) indices declined while the Oil & gas (+0.3%) index recorded the sole gain of the day. The Banking index traded flat.
As measured by market breadth, market sentiment was negative (0.8x), as 20 tickers lost relative to 15 gainers. PORTPAINT (-9.9%) and CHAMPION (-9.7%) were the top losers of the day, while ABCTRANS (+10.0%) and ETERNA (+9.9%) recorded the most significant gains of the day.
The naira was unchanged at NGN411.63/USD and NGN484.00/USD at the I&E window and parallel market, respectively.
Money Market & Fixed Income
The overnight lending rate contracted by 50bps to 13.3%, following inflows from OMO maturities (NGN60.00 billion).
The NTB secondary market was bearish, as the average yield expanded by 11bps to 5.4%. Across the curve, average yield expanded at the short (+34bps) and mid (+10bps) segments due to sell-offs of the 44DTM (+54bps) and the 114DTM (+23bps) instruments, respectively; the average yield contracted at the long (-2bps) end following the demand for the 345DTM (-17bps) bill. Similarly, the average yield at the OMO segment expanded by 31bps to 9.0%.
Trading in the Treasury bond secondary market was mixed, as the average yield stayed flat at 12.2%. Across the benchmark curve, the average yield was flat at the short and mid segments but expanded slightly at the long (+1bps) end due to sell-offs of the MAR-2050 (+2bps) bond.