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Trading closed Tuesday at the floor of the Nigerian Stock Exchange (NSE) with the bulls dominated the domestic equities market for the first time since last Thursday, with investors’ interest in MTN Nigeria (MTNN) +4.35%) driving the All-Share Index higher by 0.36% to 27,871.90 points.
Consequently, the Month-to-date loss moderated to 3.37%, while the Year-to-Date gain increased to 3.84%.
The total volume of trades increased by 38.03% to 276.27 million units, valued at NGN3.71 billion and exchanged in 3,690 deals. UBA was the most traded stock by volume at 49.47 million units while GUARANTY was the most traded stock by value at NGN1.20 billion, respectively.
On sector performance, all indices recorded losses, save for the Oil & Gas (+0.05) index. The Consumer Goods (-1.29%) index led the losers log, followed by the Industrial Goods (-0.76%), Insurance (-0.55%), and Banking (-0.35%) indices.
Market sentiment, as measured by market breadth, was negative (0.8x), as 15 tickers declined, relative to 12 gainers. CAVERTON (-9.86%) and MRS (-9.80%) recorded the largest declines, while UACN (+9.41%) and JAPAULOIL (+8.33%) topped the gainer’s list.
The naira traded flat against the US dollar at NGN360.00/USD in the parallel market, while it weakened by 0.05% to NGN362.20/USD at the I&E FX window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was flat at 16.00% in the absence of any significant flows into or out of the system.
Trading in the NTB secondary market remained quiet, as trading volumes remained low. Consequently, average yield pared marginally by 1bp to 3.87%. Yields expanded at the mid (+4bps) segment following selloffs of the 170DTM (+5bps) while they remained unchanged at the short and long ends. Conversely, average yield contracted by 9bps to close at 13.45% in the OMO secondary market.
Trading in the Treasury bonds market was bearish, as the average yield rose marginally by 3bps to 9.96%. Yields expanded at the short (+10bps) end of the curve, following selloffs of the JAN-2022 (+77bps) bond. On the flip side, yields at the long (-2bps) and mid (-2bps) segments contracted following buying interest in the MAR-2036 (-15bps) and JUL-2030 (-5bps) bonds, respectively.
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