Dallas/Naira remain flat at N360; as equities lower by 0.30%


The Naira on Wednesday remained flat at N360 in the parallel market, while it strengthened by 0.06 percent to N361.45 in the Investors & Exports FX window.
At the end of the trading, total value of trades rose by 76.45 percent to $274.69 million, with trades consummated within the N359-N363.50 against dollar band.
However, the overnight lending rate expanded by 21 basis points, closing at 8.21 percent, in the absence of any significant inflows.
Proceedings in the NTB market were bearish, as average yield rose 9 basis points to 11.70 percent. Selloffs occurred at the short (+12 basis points), mid (+2 basis points), and long (+17 basis points) ends of the curve, with the yields on the 8DTM (+71 bps), 99DTM (+21 bps), and 232DTM (+49 bps) bills expanding, respectively.
Meanwhile, bearish sentiments resurfaced in the bond market, as average yield rose by 3 bps to 13.83 percent. Yields expanded at the short (+7 basis points) and long (+4 basis points) ends of the curve, following selloffs of the June-2019 (+20 basis points) and March-2036 (+10 basis points) bonds, respectively. Yields at the mid segment were flat.
Consequently, the Nigerian Stock Exchange All Share Index (NSE ASI) and the market capitalization decreased by 0.30 percent while the NSE ASI stood at -4.96 percent year to date. The All Share Index closed at 36,346.80 against the previous close of 36,455.24 while market capitalization closed at N13.167 trillion against previous close of N13.206 trillion. Volume traded decreased by 12.89 percent from 378.699 million to 329.899 million, while the total value of stock traded decreased by 17.46 percent from N4.418 billion to N3.647 billion in 4,327 deals.
The Financial Services sector led the activity chart with 280.082 million shares exchanged for N2.619 billion. Conglomerates came next with 16.051 million shares traded for N0.03 billion, Consumer Goods, Oil And Gas, Services sectors followed in that order on the activity chart.
FBN Holdings, UBA, Access Bank, Zenith Bank and Diamond Bank were the most active stocks by volume. Caverton, Champion Breweries, Cutix, Fidelity Bank and Beta Glass emerged the highest price gainers on the chart, while Livestock Feed, Japaul Oil, Mutual Benefit, Royal Exchange and Dangote Sugar topped the losers chart.