Updates

FSDH Market Wrap 30 November 2021

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November 30, 2021/FSDH Research

The Nigerian equity market closed on a negative note today as All Share Index marginally decreased by 0.05 percent to close at 43,248.05 points. The market cap of equities listed on the NGX declined to ₦22.567 trillion from ₦22.579 trillion as on the previous day. The total volume traded closed with an exchange of 224.910 million units valued at ₦3.71 billion traded in 4,331 deals. The market breadth was negative with 12 gainers as against 24 losers.
The NGX 30 Index decreased by 0.03 percent to close at 1,746.21 points as against 1,746.72 points as on the previous day. Market turnover closed with traded volume of 154.58 million units. Access and Ecobank were the key gainers, while UBN and United Capital were the key losers.
Company Performance (NGX 30)
As of November 30, the Overnight (O/N) rate increased by 2.50 percent to close at 17.75 percent as against the last close of 15.25 percent, and the Open Buy Back (OBB) rate increased by 2.25 percent to close at 17.25 percent compared to 15.00 percent on the previous day. Despite OMO repayment of ₦54.30 billion, the money market rates are likely to remain elevated in the near term.
 
Parthian Partners Limited has redeemed its inaugural public issue at maturity of its series 1 Tranche A & B commercial paper under its ₦20 billion issuance programme. The ₦15 billion series 1 commercial paper, which was issued earlier this year on the FMDQ Exchange, matured on November 26, while the ₦5 billion series 2 commercial paper will mature on December 30, 2021. The Company is rated ‘Bbb’ by Agusto, and its commercial paper programme is rated ‘A1-‘ by DataPro.
 
FX: At the I&E FX market, Naira remained unchanged at ₦415.07. Most participants maintained bids between ₦405.00 and ₦456.97 per dollar.
NT-Bills secondary market closed on a mildly positive note with average yield across the curve decreasing by 6 bps to close at 4.80 percent from 4.86 percent on the previous day. Average yield across the long-term maturities compressed by 13 bps. However, the average yields across short-term and medium-term maturities remained unchanged at 3.52 percent and 4.30 percent, respectively. NTB 13-Oct-22 (-114 bps) maturity bill witnessed heavy buying interest, while yields on 19 bills remained unchanged.
 
In the OMO bills market, the average yield across the curve closed flat at 5.50 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 5.36 percent, 5.54 percent, and 6.15 percent, respectively.
FGN bonds secondary market closed on a positive note today, as the average bond yield across the curve cleared lower by 15 bps to close at 8.00 percent from 8.15 percent on the previous day. Average yield across the short tenor of the curve declined by 20 bps. However, the average yields across medium tenor and long tenor of the remained unchanged.
 
The FGNSB 11-DEC-2022 bond was the best performer with a decrease in the yield of 79 bps, while the FGNSB 13-FEB-2022 bond was the worst performer with an increase in yield of 3 bps. Furthermore, the secondary bond market is likely to remain subdued in the short term.

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