December 15, 2021/Cordros Report
EQUITIES
Positive sentiments returned to the Nigerian equities market following investors’ interests in GTCO (+2.4%). Consequently, the All-Share Index advanced by 0.1% to 42,357.36 points. Accordingly, Month-to-Date loss moderated to -2.1%, while Year-to-Date gains increased to +5.2%.
The total volume of trades declined by 16.3% to 226.18 million units, valued at NGN2.63 billion, and exchanged in 3,476 deals. INTBREW was the most traded stock by volume at 51.79 million units, while GTCO was the most traded stock by value at NGN457.22 million.
Sectoral performance was mixed, as the Banking (-0.2%), Industrial Goods (-0.1%), and Oil & Gas (-0.1%) indices declined, while the Consumer Goods (+0.2%) and Insurance (+0.1%) indices recorded gains.
As measured by market breadth, market sentiment remained positive (1.3x) as 17 tickers advanced, relative to 13 losers. REDSTAREX (+7.9%) and MEYER (+7.7%) topped the gainers’ list, while ETRANZACT (-9.6%) and ROYALEX (-4.8%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 0.1% to NGN414.25/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 75bps to 13.5% in the absence of significant funding pressures on the system.
The Treasury bills secondary market traded with mixed sentiments, as the average yield was unchanged at 4.5%. Elsewhere, the average yield at the OMO segment declined by 3bps to 5.5%.
Trading in the Treasury bond secondary market was bearish, as the average yield expanded by 3bps to 11.4%. Across the benchmark curve, the average yield was unchanged at the short end but expanded at the mid (+1bp) and long (+6bps) segments as investors sold off the JUL-2030 (+3bps) and APR-2037 (+21bps) bonds, respectively.
