Cowry Assets
Market Summary
Nigerian equities lost their bullish momentum as the bearish sentiments returned, resulting in the decline of the overall performance gauges, NSE ASI and market capitalisation, by 24bps each
Gainers & Losers
Shares of Seplat Petroleum Development Company and Mobil Oil Nigeria climbed higher by N4 and N0.99 to N340 and N155 respectively.
Conversely, shares of food and beverage giant, Nestle Nigeria, shed N20.01 to N620 while shares of Guinness Nigeria lost N1.84 to close at N98 a share.
Market News
Dangote Sugar Refinery Plc (Q1 March 2016)
The major sugar refiner recorded a 44.82% increase in turnover to N32.62 billion while profit after tax increased by 40.63% to N3.34 million as SG&A declined by 10.43% to N1.52 billion. Consequently, EPS rose to 111 kobo in Q1 2016 from 79k in Q1 2015
NEM Insurance Plc (Q1 March 2016)
The risk underwritter posted a 15.29% increase in gross premium written to N4.01 billion while profit after tax increased by 63.98% to N2.29 billion.
Interbank Money Market
Nigerian Interbank Treasury Bills
True Yields softened for most tenors as bargain hunting activities resumed – yields on the 1 month, 3 months and 12 months tenored bills decreased to 3.90%, 6.81% and 10.98% respectively. Meanwhile, interbank offered rates continued trending southwards for all tenor buckets amid ease in financial system liquidity – NIBOR for overnight funds, 1 month, 3 months and 6 months mellowed to 5.58%, 8.33%, 10.43% and 12.35% respectively.
FGN Bond Market – OTC NG
OTC FGN bond prices appreciated for most maturities as bargain hunting resumed – 20-year, 10.00% FGN JUL 2030 bond, 10-year, 16.39% FGN JAN 2022 paper and 7-year, 16.00% FGN JUN 2019 instrument gained N0.47 (yield fell to 12.97%), N0.59 (yield mellowed to 12.50%) and N1.13 (yield softened to 12.24%) respectively.
Nigerian Eurobond
At the London Stock Exchange, Nigeria’s eurobonds depreciated as the bears returned. The 10-year, 6.75% JAN 28, 2021 bond and 5-year, 5.13% JUL 12, 2018 bond lost USD0.63 (yield rose to 7.16%) and USD0.21 (yield increased to 4.94%) respectively.