September 13, 2021/Cordros Report
EQUITIES
Trading at the domestic bourse started the week mixed, albeit with a bearish tilt, as profit-taking activities witnessed in WAPCO (-1.8%) led the All-Share Index 2bps lower at 38,915.62 points. Accordingly, Month-to-Date and Year-to-Date losses printed -0.8% and -3.4%, respectively.
The total volume of trades increased by 30.1% to 201.10 million units, valued at NGN2.53 billion, and exchanged in 3,340 deals. UNIVINSURE was the most traded stock by volume at 19.45 million units, while NESTLE was the most traded stock by value at NGN1.21 billion.
Performance across sectors was mixed, as the Oil & Gas (-0.7%), Industrial Goods (-0.1%), and Insurance (-0.1%) indices declined, while the Consumer Goods (+0.2%) and Banking (+0.1%) indices recorded gains.
As measured by market breadth, market sentiment was flat (1.0x), as an equal number of tickers (18) gained and declined. MORISON (+9.4%) and SOVRENINS (+8.0%) topped the gainers’ list while SCOA (-10.0%) and ACADEMY (-7.7%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 0.2% and 0.7% to NGN412.75/USD and NGN549.00/USD at the I&E window and parallel market, respectively.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 25bps to 14.8% in the absence of any significant inflows into the system.
The NTB secondary market was flat, as the average yield stayed unchanged at 4.9%. Similarly, the average yield at the OMO segment remained unchanged at 6.2%.
Trading in the Treasury bond secondary market was mixed, albeit with a bearish tilt, as the average yield expanded by 1bp to 11.1%. Across the benchmark curve, average yield expanded at the long (+3bps) end, as investors sold off the APR-2049 (+24bps) bond but pared at the short (-1bp) end following demand for the APR-2023 (-2bps) bond; the mid-segment closed flat.
