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FSDH Market Wrap- November 10, 2021

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November 10, 2021/FSDH Report

Market Wrap 
10 November 2021
The Nigerian equity market closed on a negative note today as All Share Index marginally decreased by 0.05 percent to close at 43,707.30 points. The market cap of equities listed on the NGX declined to ₦22.809 trillion from ₦22.821 trillion as on the previous day. The total volume traded closed with an exchange of 270.702 million units valued at ₦5.63 billion traded in 3,861 deals. The market breadth was negative with 18 gainers as against 19 losers.
The NGX 30 Index marginally decreased by 0.10 percent to close at 1,794.48 points as against 1,796.31 points as on the previous day. Market turnover closed with traded volume of 181.48 million units. Nascon and FBNH were the key gainers, while Lafarge Africa and Fidelity were the key losers.
Company Performance (NGX 30)
As of November 10, the Overnight (O/N) rate decreased by 1.33 percent to close at 2.00 percent as against the last close of 3.33 percent, and the Open Buy Back (OBB) rate decreased by 1.17 percent to close at 1.50 percent compared to 2.67 percent on the previous day. Money market rates are likely to remain subdued, barring any mop-up activity by the CBN.
 
FX: At the I&E FX market, Naira appreciated by 0.08 percent as the dollar was quoted at ₦414.73 as against the last close of ₦415.07. Most participants maintained bids between ₦404.00 and ₦444.00 per dollar.
NT-Bills secondary market closed on a positive note with average yield across the curve decreasing by 11 bps to close at 5.22 percent from 5.33 percent on the previous day. Average yields across short-term and long-term maturities declined by 7 bps and 22 bps, respectively. However, the average yield across the medium-term maturities expanded by 8 bps. Yields on 12 bills compressed with the 26-May-22 maturity bill recording the highest yield decrease of 95 bps, while yields on 3 bills remained unchanged.
 
Moreover, at the Primary Market Auction held today, the CBN offered NT-Bills worth ₦150.81 billion across 91-day (₦4.80 billion), 182-day (₦7.98 billion), and 364-day (₦138.03 billion) tenors.
 
In the OMO bills market, the average yield across the curve closed flat at 6.09 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 6.06 percent, 5.93 percent, and 6.68 percent, respectively.
FGN bonds secondary market closed on a mildly positive note today, as the average bond yield across the curve cleared lower by 9 bps to close at 8.36 percent from 8.45 percent on the previous day. Average yields across the short tenor and long tenor of the curve decreased by 11 bps and 2 bps, respectively. However, the average yield across the medium tenor of the curve remained unchanged.
 
The FGNSB 15-MAY-2022 maturity bond was the best performer with a decrease in the yield of 36 bps. Furthermore, the secondary bond market may witness an uptick in trading activities in the short term due to improved system liquidity.

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