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FSDH Market Wrap- November 16, 2021

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November 16, 2021/FSDH Report

Market Wrap 
16 November 2021
The Nigerian equity market closed on a positive note today as All Share Index increased by 0.49 percent to close at 43,444.20 points. The market cap of equities listed on the NGX increased to ₦22.672 trillion from ₦22.560 trillion as on the previous day. The total volume traded closed with an exchange of 423.834 million units valued at ₦11.65 billion traded in 4,181 deals. However, the market breadth was neutral with 18 gainers as against 18 losers.
The NGX 30 Index decreased by 0.27 percent to close at 1769.84 points as against 1,774.57 points as on the previous day. Market turnover closed with traded volume of 334.31 million units. UBA and FBNH were the key gainers, while Total and Guinness were the key losers.
Company Performance (NGX 30)
As of November 16, the Overnight (O/N) rate increased by 0.25 percent to close at 14.00 percent as against the last close of 13.75 percent, and the Open Buy Back (OBB) rate also increased by 0.25 percent to close at 13.50 percent compared to 13.25 percent on the previous day. Despite OMO repayment of ₦70.50 billion, the money market rates are likely to remain elevated in the near term.
 
FX: At the I&E FX market, Naira remained unchanged at ₦415.10. Most participants maintained bids between ₦404.00 and ₦453.75 per dollar.
NT-Bills secondary market closed on a mildly positive note with average yield across the curve decreasing by 3 bps to close at 5.15 percent from 5.18 percent on the previous day. Average yield across the long-term maturities declined by 5 bps. However, the average yields across short-term and medium-term maturities remained unchanged at 3.70 percent and 4.62 percent, respectively. NTB 25-Aug-22 (-53 bps) maturity bill witnessed buying interest, while yields on 19 bills remained unchanged.
 
In the OMO bills market, the average yield across the curve decreased by 4 bps to close at 5.47 percent as against the last close of 5.51 percent. Average yield across the short-term maturities declined by 6 bps. However, the average yields across medium-term and long-term maturities remained unchanged at 5.53 percent and 6.05 percent, respectively. OMO 4-Jan-22 (-61 bps) maturity bill witnessed buying interest, while yields on 16 bills remained unchanged.
FGN bonds secondary market closed on a mildly negative note today, as the average bond yield across the curve cleared higher by 1 basis point to close at 8.46 percent from 8.45 percent on the previous day. Average yields across the medium tenor and long tenor of the curve increased by 3 bps and 2 bps, respectively. However, the average yield across the short tenor of the curve remained unchanged. The 27-MAR-2050 maturity bond was the best performer with a decrease in the yield of 6 bps, while the 18-JUL-2034, 27-MAR-2035, and 18-MAR-2036 maturity bonds were the worst performers with an increase in yield of 7 bps each.
 
Tomorrow, the DMO is scheduled to offer FGN bond worth ₦150 billion through re-opening of 10-year (₦50 billion), 20-year (₦50 billion), and 30-year (₦50 billion) tenors, and the settlement will take place on November 19.

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