March 30, 2021/Cordros Report
EQUITIES
Trading in the Nigerian equities market turned negative today, as investors took profits on DANGCEM (-4.0%). Consequently, the All-Share Index declined by 0.6% to 39,267.11 points. Accordingly, Month-to-Date and Year-to-Date losses increased to -1.3% and -2.5%, respectively.
The total volume of trades decreased by 35.6% to 336.13 million units, valued at NGN3.27 billion, and exchanged in 4,394 deals. UBN was the most traded stock by volume at 78.89 million units, while GUARANTY was the most traded stock by value at NGN955.09 million.
On sectors, the Banking (+0.9%) and Consumer Goods (+0.1%) indices recorded gains, while the Industrial Goods (-1.9%) and Insurance (-0.2%) indices declined. The Oil & Gas sector was flat.
As measured by market breadth, market sentiment was positive (1.8x), as 22 tickers gained, relative to 12 losers. LIVESTOCK (+9.7%) and COURTVILLE (+9.1%) recorded the largest gains of the day, while REGALINS (-9.1%) and PRESTIGE (-8.9%) topped the losers’ list.
CURRENCY
The naira appreciated at the I&E window by 0.1% to NGN409.00/USD but depreciated by 0.2% to NGN486.00/USD in the parallel market.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 583bps to 7.2%, as inflow from OMO maturities (NGN180.78 billion) boosted system liquidity.
Trading in the NTB secondary market turned bullish, as the average yield contracted by 9bps to 4.1%. Across the curve, average yield contracted at the short (-7bps) and mid (-23bps) segments, following demand for the 93DTM (-36bps) and 107DTM (-60bps) instruments, respectively; the long end was flat. Similarly, the average yield at the OMO segment contracted by 5bps to 6.5%.
Activity in the Treasury bond secondary market ended the day mixed, as the average yield pared by 1bp to 9.7%. The average yield was flat at the short and mid segments across the benchmark curve but contracted slightly at the long (-2bps) end following demand for the MAR-2036 (-10bps) bond.
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