Daily Capital Market Roundup, 28th April 2021

Dear Valued Investor,

The All-Share Index depreciated by -1.33% toclose at 38,781.48 points. Market capitalization also declined by -1.33% to close at N20.29 trillion.

Today‚Äôs loss expands the year-to-date loss of the market to -3.40%.

The Oil/Gas index was the best performing index (1.98%)while The NSE Industrial index was the worst performing, down by -3.55%

The market was significantly driven by cross deals today, 1.57m units of NB was crossed at N54.00 and 105k units of SEPLAT was also crossed at N570.00. We saw crosses in FBNH as well.

DANGCEM was marked down today for a dividend of N16.00.

We expect the market to be quiet outside of crosses for the rest of the week.

Once again, yields closed flat today across all NT-bills maturities as liquidity strain continues to weigh down on trading activities.

At the Primary Market Auction today, the DMO offered N88.46 billion across 364-day (N71.07 billion), 182-day (N6.00 billion) and 91-day (N11.39 billion).

At the close of the auction, each of the maturities were oversubscribed with the exception of the 91-day bill.

Allotments and stop rates were as follows: 364-day (N116.3 billion, 9.25%), 182-day (N6.00 billion, 3.5%) and 91-day (N7.2 billion, 2%).

Stop rate for 364-day bill added 25 bps, the lowest change since the turn of the year while 91 and 182-day bills have now remain unmoved for the 6-straight auction since 24th February 2021.

The bearish run in the Bond market continued today, with sell interest seen at the belly and long end of the curves, mainly on the 37s, 45s, and 49s.  A few investors took the opportunity to buy at attractive levels, however, demand remained weak for most part of the session as average yield rose by 11bps.
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