Based on data from the NSE, the All Share Index appreciated by 0.67% while 16 stocks posted gains while 14 posted declines.
EQUITIES
Positive earnings releases largely neutered the
tense political landscape as the Nigeria’s equities market returned to the
positive territory. Precisely, the benchmark index rose by 0.67% to 32,406.17
points, following investors’ interest across Tier-1 bank stocks.
Set against the foregoing, the Month-to-Date and Year-to-Date gains notched
slightly higher to 5.35% and 3.10% respectively.
The Banking (+2.97%), Oil and Gas (+0.74%),
Consumer Goods (+0.26%) and Insurance (+0.24%) indices closed in the green on
account of strong buying sentiments across ZENITH (+5.63%), OANDO (+6.25%),
UNILEVER (+0.46%), and CUSTODIAN (+8.26%). Meanwhile, the Industrial Goods
(-0.21%) index closed negative, driven by sell-off in DANGCEM (-0.41%).
Market breadth was positive, with 16 gainers and
14 losers, led by JAPAULOIL (+9.52%) and FIRSTALUM (-10.00%). Elsewhere, total
volume and value traded increased sharply by 55.45% and 23.70% to 361.80million
units and NGN4.16 billion, respectively, and exchanged in 4,623 deals.
In the absence of a positive catalyst, as well
as brewing political concerns, we guide investors to trade cautiously in the
short term. However, stable macroeconomic fundamentals and compelling valuation
remain supportive of recovery in the mid-to-long term.
CURRENCY
The naira traded flat against the dollar at
NGN360 in the parallel market, while it depreciated marginally by 0.04% to
NGN362.20 in the I&E FX window. Total volume of trades in the IEW
depreciated by 78.0% to USD75.84 million in yesterday’s session, with total
trades consummated within the NGN360.00-NGN363.30/USD band.
FIXED
INCOME AND MONEY MARKET
The overnight lending rate moderated by 1,025
bps to 15.83%, in the absence of any significant outflows.
Sentiments in the NTB market were bullish, in
the absence of any OMO sales for the second consecutive day, as average yield
shed 26 bps to 14.47%. Demand for the 23DTM (-243 bps), 100DTM (-36 bps), and
212DTM (-71 bps) bills, led to respective yield contraction at the short (-73
bps), mid (-3 bps), and long (-12 bps) ends of the curve.
Proceedings in the bond market were largely
bearish, as average yield widened by 7 bps to 14.70%. Selloffs of the JUL-2021
(+48 bps), JUL-2030 (+9 bps) and MAR-2036 (+21 bps) bonds led to yield
expansion at the short (+14 bps), mid (+2 bps) and long (+6 bps) segments,
respectively.
Share your story or I Witness Reports with us 24/7
via: SMS: +234 (0)9076248001
Whatsapp: +234(0)8072022024, Email: [email protected]
Website: www.gatmashblog.com
For advert placement, contact us today via email: [email protected] or call our hotlines on Tel: +234(0)8072022024, 08166622444, 09076248001
