Nigerian Bourse Sustain Bearish Trend, Dips -0.2%, Dragged by Dangote Sugar

Nigerian Stock Exchange Trading Floor. Image Credit: NGX

May 14, 2024/Cordros Report

The local bourse sustained yesterday’s negative sentiments as profit taking activities in DANGSUGAR (-10.0%) caused the benchmark index to fall by 0.2% to 97,473.98 points. Sequentially, the MTD and YTD returns settled lower at -0.8% and +30.4%, respectively.
The total trading volume decreased by 30.2% to 306.60 million units, valued at NGN5.81 billion, and exchanged in 7,651 deals. ACCESSCORP was the most traded stock by volume at 33.24 million units, while GTCO was the most traded stock by value at NGN1.36 billion.
On sectors, the Insurance (-1.1%), Banking (-1.0%) and Consumer Goods (-0.8%) indices declined, while the Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 22 tickers gained relative to 18 losers. TANTALIZER (+10.0%) and LEARNAFRCA (+10.0%) topped the gainers’ list, while PZ (-10.0%) and DANGSUGAR (-10.0%) recorded the most significant losses of the day.
The naira depreciated by 2.8% to NGN1,520.40/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 98bps to 30.6%, in the absence of any significant outflows from the system.
Activities in the Treasury bills secondary market was mixed with a bullish tilt, as the average yield pared by 1bp to 22.4%. Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments following demand for the 23DTM (-2bps) and 177DTM (-1bp) bills, respectively. Meanwhile, the average yield was unchanged at the long end. Elsewhere, the average yield advanced by 9bps to 20.1% in the OMO segment.
Proceedings in the Treasury bond secondary market was bearish, as the average yield expanded by 2bps to 18.5%. Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+15bps) segments due to profit-taking activities on the MAR-2025 (+2bps) and APR-2032 (+37bps) bonds, respectively. Conversely, the average yield declined at the long (-2bps) end driven by interests in the MAR-2050 (-15bps) bond.

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