The Nigerian equities market sustained yesterday’s loss as investors sold off NB (-2.9%). Precisely, the A with Year-to-Date loss increasing to -2.7%.
The total volume of trades declined by 60.2% to 169.30 million units, valued at NGN1.42 billion, and exchanged in 3,449 deals. TRANSCORP was the most traded stock by volume at 28.54 million units, while ZENITHBANK was the most traded stock by value at NGN398.20 million.
On sectors, the Consumer Goods (-0.6%), Banking (-0.2%), Insurance (-0.2%), and Oil & Gas (-0.1%) indices declined while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 15 tickers lost, relative to 9 gainers. FTNCOCOA (-8.8%) and MORISON (-5.4%) topped the losers’ list, while AIICO (+4.0%) and CUSTODIAN (+3.2%) recorded the most significant gains of the day.
CURRENCY
The Naira depreciated by 0.1% and 0.4% to NGN411.50/USD and NGN528.00/USD at the I&E window and parallel market, respectively.
The overnight lending rate contracted by 150bps to 5.0% in the absence of any significant funding pressure on the system.
The NTB secondary market closed flat, as the average yield remains unchanged at 4.6%. Elsewhere, the average yield at the OMO segment expanded by 5bps to 6.1%.
Trading in the Treasury bond secondary market was bullish, as the average yield contracted by 5bps to 11.0%. Across the benchmark curve, average yield contracted at the short (-7bps), mid (-1bp), and long (-5bps) segments due to investors’ demand for the APR-2023 (-14bps), MAR-2027 (-2bps) and MAR-2036 (-13bps) bonds, respectively.
