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FSDH Market Wrap- December 6, 2021

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December 6, 2021/FSDH Report

Market Wrap 
6 December 2021
The Nigerian equity market closed on a negative note today as All Share Index decreased by 0.38 percent to close at 42,008.60 points. The market cap of equities listed on the NGX declined to ₦21.920 trillion from ₦22.003 trillion as on the previous day. The total volume traded closed with an exchange of 422.180 million units valued at ₦4.47 billion traded in 5,059 deals. The market breadth was negative with 10 gainers as against 24 losers.
The NGX 30 Index decreased by 0.53 percent to close at 1,682.49 points as against 1,691.51 points as on the previous day. Market turnover closed with traded volume of 355.83 million units. International Breweries was the only gainer, while Lafarge Africa and Fidelity were the key losers.
Company Performance (NGX 30)
As of December 6, the Overnight (O/N) rate remained unchanged at 15.75 percent, and the Open Buy Back (OBB) rate remained unchanged at 15.50 percent.
 
FX: At the I&E FX market, Naira depreciated by 0.06 percent as the dollar was quoted at ₦415.00 as against the last close of ₦414.73. Most participants maintained bids between ₦404.00 and ₦461.27 per dollar.
NT-Bills secondary market closed on a mildly positive note with average yield across the curve decreasing by 1 basis point to close at 4.50 percent from 4.51 percent on the previous day. Average yield across the long-term maturities declined by 2 bps. However, the average yields across short-term and medium-term maturities remained unchanged at 3.52 percent and 3.74 percent, respectively. NTB 13-Oct-22 (-19 bps) maturity bill witnessed mild buying interest, while yields on 21 bills remained unchanged.
 
In the OMO bills market, the average yield across the curve closed flat at 5.48 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 5.35 percent, 5.55 percent, and 6.14 percent, respectively.
FGN bonds secondary market closed on a mildly negative note today, as the average bond yield across the curve cleared higher by 5 bps to close at 8.05 percent from 8.00 percent on the previous day. Average yields across short tenor, medium tenor, and long tenor of the curve increased by 2 bps, 25 bps, and 2 bps, respectively. The FGNSB 14-MAY-2023 bond was the best performer with a decrease in the yield of 4 bps, while the 23-FEB-2028 maturity bond was the worst performer with an increase in yield of 41 bps.
 
Today, the DMO has started offering a 2-Year FGN Savings Bond due December 15, 2023, and a 3-Year FGN Savings Bond due December 15, 2024, at the interest rate of 7.322 percent per annum and 8.322 percent per annum, respectively. The bond auction is scheduled to close on December 10, with settlement on December 15. The interest will be paid quarterly, with a redemption bullet repayment on the date of maturity.

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