Sentiments in the domestic equities market remained weak, as investors took profits off DANGSUGAR (-9.9%) and NB (-2.7%) stocks. Thus, the All-Share Index declined marginally by 0.01% to 24,751.32 points. Accordingly, the Month-to-Date and Year-to-Date losses increased to -2.0% and -7.8%, respectively.
The total volume of trades increased by 34.7% to 167.90 million units, valued at NGN1.55 billion. JAPAULOIL was the most traded stock by volume at 25.01 million units, while GUARANTY was the most traded stock by value at NGN253.46 million.
Sectoral performance was broadly negative, as all sector indices declined, save for the Oil & Gas (+0.2%) index. The Consumer Goods (-1.4%) index led the declines, as the Insurance (-1.3%), Banking (-0.6%) and Industrial Goods (-0.2%) indices followed suit.
Market sentiment, as measured by market breadth, was negative (0.4x), as 23 tickers declined, relative to 9 gainers. UNITYBNK (-10.0%) and DANGSUGAR (-9.9%) were the top losers of the day, while UACPROP (+7.7%) and TRANSCORP (+2.9%) recorded the largest gains.
The naira weakened at the I&E window and parallel market by 0.2% and 0.7% to NGN386.63/USD and NGN458.00/USD, respectively.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 8bps to 15.7%, as banks accessed CBN’s SLF window.
Trading in the NTB secondary market was bearish, as average yield expanded by 2bps to 2.2%. Across the curve, yield expanded at the mid (+5bps) segment, following sell-off of the 128DTM (+27bps) instrument. The short and long ends were flat. Similarly, average yield expanded by 2bps to 4.9% at the OMO secondary market.
Trading in the Treasury bond secondary market was bullish, as average yield contracted by 38bps to 8.7%. Across the curve, yields contracted at the short (-60bps), mid (-18bps) and long (-30bps) segments, as investors demanded the JUL-2021 (-90bps), APR-2029 (-42bps) and JUL-2034 (-50bps) bonds, respectively.