Dangote Cement, MTNN Drags Nigerian Stocks to Open Week Bearish -3.2%

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February 19, 2024/Cordros Report

Trading in the Nigerian stock market started the week with bearish sentiments as profit-taking activities in DANGCEM (-10.0%) and MTNN (-10.0%) undermined the market’s performance. Precisely, the All-Share Index declined by 3.2% to 102,393.23 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +1.2% and +36.9%, respectively.
The total volume traded decreased by 20.1% to 273.85 million units, valued at NGN7.44 billion, and exchanged in 9,688 deals. GTCO was the most traded stock by volume at 28.85 million units, while GEREGU was the most traded stock by value at NGN1.74 billion.
From a sectoral perspective, losses in the Industrial Goods (-6.0%), Insurance (-2.5%), Consumer Goods (-0.8%), Oil & Gas (-0.3%) and Banking (-0.3%) indices mirrored the overall market performance.
As measured by market breadth, market sentiment was negative (0.5x), as 36 tickers lost relative to 17 gainers. MTNN (-10.0%) and DANGCEM (-10.0%) recorded the highest losses of the day, while DAARCOMM (+8.6%) and SUNUASSUR (+6.7%) topped the gainers’ list.
The naira depreciated by 3.8% to NGN1,598.54/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 57bps to 17.5%, in the absence of any significant funding pressure on the system.
The Nigerian Treasury bills secondary market traded with bullish sentiments, as the average yield declined by 3bps to 15.4%. Across the curve, the average yield contracted across the short (-1bp), mid (-2bps) and long (-5bps) segments, following demand for the 80DTM (-2bps), 171DTM (-2bps) and 353DTM (-30bps) bills, respectively. Similarly, the average yield declined by 3bps to 17.8% in the OMO segment.
Trading in the FGN bonds secondary market was calm, as market participants shifted focus to today’s FGN bond auction. Consequently, the average yield was unchanged at 16.2%.

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