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Home Companies&Markets MARKETS WRAP: Stocks rebound after Tuesday’s sell-off, Treasury bond yield expands 11bps...
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MARKETS WRAP: Stocks rebound after Tuesday’s sell-off, Treasury bond yield expands 11bps to 9.5%, Naira appreciates by 0.3% to N408.75/US$

March 24, 2021
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    WED 24 MARCH, 2021-theGBJournal-The domestic equities rebounded from the bearish close yesterday, following investors’ buying interest in bellwethers – DANGCEM (+2.3%), MTNN (+2.4%) and STANBIC (10.0%). Accordingly, the benchmark index advanced by 1.0% to 39,085.78 points. Consequently, the Month-to-Date and Year-to-Date losses moderated to -1.8% and -2.9%, respectively.

    The total volume traded declined by 11.8% to 361.90 million units, valued at NGN5.70 billion and exchanged in 4,018 deals. UBN was the most traded stock by volume at 79.35 million units, while GUARANTY was the most traded stock by value at NGN2.26 billion.

    Performance across sectors was mixed following gains in the Consumer Goods (+0.7%), Industrial Goods (+0.7%) and Oil & Gas (+0.7%) indices and losses in the Insurance (-0.6%) and Banking (-0.2%) indices.

    As measured by market breadth, market sentiment was positive (1.3x), as 20 tickers gained, relative to 15 losers. STANBIC (+10.0%) and NPFMCRFBK (+9.6%) topped the gainers’ list, while MRS (-9.7%) and WAPIC (-9.1%) recorded the largest losses of the day.

    Currency

    The naira appreciated by 0.3% to NGN408.75/USD at the I&E window, while it was flat at NGN486.00/USD in the parallel market.

    Money Market & Fixed Income

    The overnight lending rate expanded by 200bps to 14.0%, in the absence of any significant inflow to the system.

    Trading in the NTB secondary market was bearish, as the average expanded by 36bps to 3.9%. The average yield was flat at the short and mid segments; the average yield expanded at the long (+80bps) end as market participants sold off the 337-DTM (+249bps) bill. Similarly, the average yield expanded by 23bps to 6.6% at the OMO secondary market.

    Activities at the Treasury bond secondary market was bearish, as the average yield expanded by 11bps to 9.5%. Across the benchmark curve, average yield expanded at short (+27bps) and mid (+7bps) segments following sell-offs of the JAN-2022 (+159bps) and APR-2029 (+17bps), respectively; the average yield was flat at the long end.

    At the PMA, the DMO offered instruments worth NGN150.00 billion to investors through three re-openings – 16.288% MAR 2027 (Bid-to-offer: 1.3x; Stop rate: 10.5000%), 12.50% MAR 2035 (Bid-to-offer: 2.2x; Stop rate: 11.5000%) and 9.80% JUL 2045 (Bid-to-offer: 3.2x; Stop rate: 12.0000%). Despite a total subscription of NGN330.48 billion, the DMO eventually allotted instruments worth NGN262.09 billion, resulting in a bid-cover ratio of 1.3x.-With Cordros Research

    Twitter-@theGBJournal|email: info@govandbusinessjournal.ng

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        • States 2020 Internally Generated Revenue shrinks -1.93% YoY

          Ekiti State leaps 20 places to 4th in Nigerian State Budget Transparency ranking

          BPE initiates full commercialization, capitalization of Federal Mortgage Bank of Nigeria

          Twitter in Ghana ‘’is a no issue’’ says APC, insists Nigeria remains a top investment destination

          Nigeria’s headline inflation tick up to 18.17% in March 2021, food inflation at 22.95%

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        • Jonathan urges review of electoral system to reflect primacy of the ballot

          Minister of Information and Culture hopes for an “elite consensus” on the security and peaceful existence of Nigeria

          Sokoto State Governor Tambuwal canvasses constitutional roles for traditional rulers

          2023: Give PDP another chance, Saraki urges Nigerians

          Goodluck Jonathan Foundation calls for elimination of barriers to civic participation in Nigeria

      • Energy
        • Delta, FG partner on solid minerals development

          Product prices jump in March 2021, with big leap in petrol

          BUA Group, Axens make progress on BUA’s 200,000bpd refinery

          U.S. Africa Energy Forum 2021 Launches, promotes U.S. role as primary investor in African energy

          NNPC’s December 2020 trading surplus soars by 80.12%, posts petroleum products sale of N288.77 billion

      • Life
        • Delta State Governor Okowa celebrates savvy entrepreneur Tony Elumelu at 58

          Aishah Ahmad, Dr Dere Awosika, others billed to speak at Access Bank’s IWD Fireside chat on workplace stereotypes, gender balance

          Vice President Prof. Yemi Osinbajo at 64, Delta Governor Okowa sends birthday wishes

          Delta celebrates Prof. Sylvester Monye, the Deltan who led the successful concessioning of Asaba International Airport

          Beverly Hills honours Zuriel Oduwole for Black History Month

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        • States 2020 Internally Generated Revenue shrinks -1.93% YoY

          Liquidity dearth pressures T-Bills market as average yield expanded by 22bps to 5.7%, overnight rate ends week -20 ppts lower

          BONDS: Investors reprice FGN bonds in anticipation of increased supply as average yield expands by 46bps to 10.4%

          FX WATCH: Nigeria sees improvement in inflows as FX reserves grow by US$131.61 million w/w to US$34.98 billion

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