December 1, 2021/Cordros Report
EQUITIES
Trading in the domestic equities market carried on yesterday’s bearish performance, as investors sold off MTNN (-10.0%). Precisely, the benchmark index declined by 1.8%, to close at 42,463.16 points. Accordingly, Year-to-Date gain moderated to +5.4%.
The total volume of trades increased by 49.2% to 335.48 million units, valued at NGN3.55 billion, and exchanged in 3,891 deals. FBNH was the most traded stock by volume and value at 134.00 million units and NGN1.57 billion, respectively.
On sectors, the Banking (-1.2%), Consumer Goods (-0.1%) and Oil & Gas (-0.1%) indices declined while the Insurance (+0.8%) index gained. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 21 tickers lost relative to 14 gainers. MTNN (-10.0%) and AFRIPRUD (-7.7%) topped the losers’ list, while CORNERST (+7.7%) and MANSARD (+7.6%) recorded the most significant gains of the day.
CURRENCY
The naira was flat at NGN415.07/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 200bps to 15.8% in the absence of any significant funding pressures on the system.
Trading in the NTB secondary market was quiet, as the average yield closed flat to 4.8%. Similarly, the average yield at the OMO segment was unchanged at 5.5%.
The Treasury bond secondary market also traded tepidly as the average yield was unchanged at 11.3%.
