January 18, 2022/FSDH

The Nigerian equity market closed on a positive note today as All Share Index increased by 0.58 percent to close at 44,655.89 points. The market cap of equities listed on the NGX increased to ₦24.060 trillion from ₦23.922 trillion as on the previous close. The total volume traded closed with an exchange of 235.234 million units valued at ₦1.92 billion traded in 4,151 deals. The market breadth was positive with 27 gainers as against 13 losers.

The NGX 30 Index increased by 0.52 percent to close at 1,747.43 points as against 1,738.41 points on the previous close. Market turnover closed with traded volume of 110.26 million units. Dangote Sugar and Ecobank were the key gainers, while UBN and Lafarge Africa were the only losers.

Company Performance (NGX 30)

As of January 18, the Overnight (O/N) rate decreased by 2.25 percent to close at 13.00 percent as against the last close of 15.25 percent, and the Open Repo (OPR) rate decreased by 2.00 percent to close at 12.50 percent compared to 14.50 percent on the previous day. As system liquidity has improved with OMO repayment of ₦128.18 billion, the money market rates are likely to remain subdued, barring any mop-up activity by the CBN.
 
FMDQ Exchange has approved the quotation of MeCure Industries Limited’s ₦0.49 billion series 1 and ₦1.44 billion series 2 commercial papers under its ₦20.00 billion commercial papers issuance Programme on its platform. The proceeds will be used for short-term working capital and funding requirements.
 
FX: At the I&E FX market, Naira remained unchanged at ₦416.33. Most participants maintained bids between ₦410.00 and ₦444.00 per dollar.

NT-Bills secondary market closed on a flat note with average yield across the curve remaining unchanged at 4.54 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 3.50 percent, 4.11 percent, and 5.21 percent, respectively.
 
In the OMO bills market, the average yield across the curve closed flat at 5.62 percent. Average yields across short-term and long-term maturities remained unchanged at 5.52 percent and 5.71 percent, respectively.

FGN bonds secondary market closed on a flat note today, as the average bond yield across the curve closed flat at 11.80 percent. Average yield across the short tenor increased by 2 bps, while the average yield across the long tenor of the curve decreased by 1 basis point. However, the average yield across the medium tenor of the curve remained unchanged. The 26-APR-2049 maturity bond was the best performer with a decrease in the yield of 8 bps, while the 27-APR-2023 maturity bond was the worst performer with an increase in the yield of 7 bps.
 
Tomorrow, the DMO is scheduled to offer FGN bond worth ₦150 billion through re-opening of 10-year (₦75 billion) and new 20-year (₦75 billion) tenors. The settlement will take place on January 21.