January 19, 2022/Cordros Report
EQUITIES
The domestic bourse sustained yesterday’s positive trading, as the All-Share Index advanced by 1.7% to 45,430.14 points. Today’s performance was supported by foreign investors’ buying interest in AIRTELAFRI (+10.0%). Consequently, the Year-to-Date gains increased to +6.4%.
The total volume of trades increased by 7.5% to 252.94 million units, valued at NGN8.93 billion, and exchanged in 4,218 deals. GTCO was the most traded stock by volume at 25.46 million units, while DANGCEM was the most traded stock by value at NGN6.48 billion.
Analysing by sectors, the Oil and Gas (+2.2%), Insurance (+0.6%), and Banking (+0.5%) indices advanced, while the Consumer Goods and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was mixed, as an equal number of tickers (16) gained and lost. AIRTELAFRI (+10.0%) and CORNERST (+6.0%) recorded the most significant gains of the day, while FTNCOCOA (-7.7%) and CHIPLC (-7.3%) topped the losers’ list.
CURRENCY
The naira was flat at NGN416.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 50bps to 13.5% following increased funding pressures on the system.
The NTB secondary market traded with mixed sentiments, as the average yield was unchanged at 4.4%. Elsewhere, the average yield at the OMO segment expanded by 8bps to 5.8%.
Trading in the Treasury bond secondary market was mixed, although with a bullish bias, as the average yield pared by 1bp to 11.2%. Across the benchmark curve, the average yield contracted at the short (-1bp) and mid (-2bps) segments following moderate increases in the demand for the JAN-2026 (-2bps) and MAR-2027 (-9bps) bonds, respectively; the long end closed flat.
