Nigeria Equity Market Down 0.17%, Overnight Lending Rate Dips To 4%

Market Brief By FSDH
Nigerian stock closed on a negative note on Tuesday with the Nigerian Stock Exchange (NSE) all share index down by 0.17 percent.
The index was down to 26,944 points on Tuesday against 27,000 points the previous day.
The market capitalisation of equities listed on the NSE declined to N13 trillion from N13.03 trillion the previous day.
The market breadth closed negative with 13 listed firms gained and 19 firms closed down.
A total of 189.01 million shares valued at N2.88 billion were traded in 3,314 deal on the floor of the stock exchange.
The NSE 30 Index increased marginally by 0.02 percent
Okumu Oil Palm Plc and Unilever Nigeria were the key gainers while Guinness Nigeria and STANBIC IBTC Bank were the key losers at the close of the market.
On the money market, the overnight lending rate declined by 0.29 percent to close at 4.00 percent due to liquidity surge and the anticipation of further inflows from matured bills refund.
The Treasury bills market closed on a slightly positive note on Tuesday, as buying interest was witnessed across medium and long tenor of the yield curve, while average yields across the curve declined by one basis points to 11.85 percent.
“We expect to see significant activity in the treasury bills market as investors seek to re-invest funds as maturing NT-Bills worth N45.0 billion and OMO bills worth N344.9 billion are expected to hit the financial system later this week,” FSDH analysts said.
The FGN bond market closed on a positive note as average yield closed lower by 6 bps across the curve with average yield declined to 10.20 percent.
The DMO has commenced the auction of its FGN Savings Bond on December 2 and will close on December 6, while the bond settlement will take place on December 11.
The two-year FGN Savings Bond was offered at 9.091 percent and will be maturing on December 11, 2021, while the three-year FGN Savings Bond was offered at 10.091 percent and maturity date is on December 11, 2022.