Nigeria’s equities market recorded its third consecutive loss of the week, as the benchmark index dipped by 0.79% to 26,598.94 points, following investors’ sell-offs of NESTLE, DANGCEM, and NB. Thus, the Month-to-Date and Year-to-Date return worsened to -3.73% and -15.37%.
The total volume of trades increased by 217.86% to 591.04 million units, valued at NGN7.40 billion and exchanged in 2,907 deals. CUSTODIAN was the most traded stock by volume and value at 349.05 million units and NGN2.52 billion respectively.
Sector performances were mixed, as losses in Consumer Goods (-1.80%), Industrial Goods (-1.63%) and Insurance (-0.77%) indices masked gains in Banking (+0.35%) and Oil & Gas (+0.10%) indices.
Market sentiment, as measured by market breadth, was negative (0.80x) as 15 tickers recorded declines relative to 12 gainers. On the laggards list, PZ (-10.00%) and NCR (-9.09%) recorded the largest declines while LEARNAFRCA (+9.80%) and CHAMS (+8.33%) topped the gainers’ list.
The naira traded flat against the US dollar at NGN360.00/USD in the parallel market while it depreciated by 0.02% to NGN362.50/USD at the I&E FX window.
Money market & fixed income
The overnight lending rate widened by 128bps to 5.07%, in the absence of any significant inflows.
Activities in the Treasury bills market were mixed, albeit with a bullish tilt, as the average yield declined marginally by 1bp to 12.80%. Investors’ interest in 15DTM (-51bps) bill led to yield contraction at the short (-6bps) end of the curve. Conversely, sell-offs of the 176DTM (+53bps) and 267DTM (+33bps) bills led to respective yield expansions at the mid (+4bps) and long (+1bp) segments of the curve.
Trading in the Treasury bonds market was bearish, as average yield expanded by 3bps to 14.27%. Yields expanded at the short (+6bps) and long (+3bps) segments of the curve, following investors’ sell-offs of the FEB-2020 (+17bps) and APR-2037 (+14bps) bonds. On the flip side, buying interest on the MAR-2027 (-5bps) bond led to yield contraction at the mid (-1bp) segment of the curve.