Nigerian stock market daily report

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 EQUITIES MARKET

Mixed trading continued today in the local bourse as the All-Share Index was unchanged at 38,858.99 basis points. Consequently, YtD loss settled at -3.51%. Investors' sentiments was negative with 14 gainers against 15 losers. SKYAVN (+9.88%), WEMABANK (+5.13%) and FLOURMILL (+1.87%) led the gainers, while MANSARD (-9.70%), AFRIPRUD (-8.59%) and REGALINS (-6.82%) led the losers.

On a sectoral basis, the Consumer, Oil & Gas and Industrial Indices rose by 0.10%, 0.04% and 0.02% due to buying interest in FLOURMIL (+1.87%), OANDO (+0.19%) and WAPCO (+0.44%) respectively. On the flip side, the Insurance and Banking indices lost 3.39% and 0.30% respectively - supported by sell-offs in MANSARD (-9.70%) and ZENITHBANK (-0.64%).

Activity levels weakened as 526.30mn shares (+292.76%) valued at N3.04bn (+86.97%) were traded in 3,535 deals. HONYFLOUR (+0.26%) was the most actively traded stock in volume and value with about 402million units of shares worth N1.53billion.


Going forward, we expect equity market performance to be influenced by the direction of yields in the fixed income space. The recently issued Eurobond and IMF's SDR facility lend short term comfort to the Naira as well as suggests possible moderation in yields as we go further into the year. All of these may bode well for the equity market, most especially fundamentally sound names. Nevertheless, the weak macro story remains a significant drawback.

FOREIGN EXCHANGE MARKET
In the foreign exchange market, the NGN appreciated by 0.08% against the USD to close at N414.50/$ in the IEFX window.


FIXED INCOME MARKET

Overnight and Open Buy Back lending rate contracted by 225bps and 233bps to close today's trading session at 13.75% and 13.00% respectively.

Trading in the bond market was bearish, as the average yield expanded by 7bps to 11.22%. The was mostly felt at the short-end of the curve as investors sold off the FEB-28 (+33bps), MAR-27 (+31bps) and JAN-26 (+29bps) bonds respectively.

The NTB secondary market closed with a bullish sentiments, as the average yields contracted by 4bps to 5.57%. Across the benchmark, average yield expanded at the long end as investors demand for the 345DTM (-80bps) bill.

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