THUR 04 MARCH, 2021-theGBJournal- The domestic equities market extended its loss for the third consecutive day, as investors sold off on NB (-3.9%), DANGSUGAR (-6.3%) and tier-1 banking stocks. 12 stocks posted gains while 46 stocks declined.
The benchmark index declined by 0.4% to 39,364.67 points. Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.1% and -2.3%, respectively.
The total volume of trades increased by 101.8% to 493.17 million units, valued at NGN4.72 billion, and exchanged in 5,486 deals. UNIVINSURE was the most traded stock by volume at 83.26 million units, while PRESCO was the most traded stock by value at NGN1.05 billion.
Performance across sectors was broadly negative as all sectors in our coverage save for the Industrial Goods (+0.2%) index recorded declines. The Insurance (-4.0%) index was the highest loser, followed by the Banking (-1.5%), Consumer Goods (-1.5%) and Oil & Gas (-0.7%) indices.
As measured by market breadth, market sentiment remained negative (0.3x), as 46 tickers declined, relative to 12 gainers. FIDSON (-10.0%) and NNFM (-10.0%) recorded the largest losses of the day, while UPL (+9.9%) and MORISON (+9.1%) topped the gainers’ list.
The naira strengthened by 1.1% to NGN406.50/USD at the I&E window but was flat at NGN480.00/USD in the parallel market.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 87bps to 8.5%, following outflows for CBN’s weekly OMO auction.
The NTB secondary market was mixed, as the average yield in the space was unchanged at 1.5%. Elsewhere, the average yield pared by 1bp to 6.1% at the OMO secondary market.
Proceedings at the Treasury bonds secondary market also traded with mixed sentiments, as the average yield was flat at 9.0%.