February 1, 2022/Cordros Report
EQUITIES
The domestic bourse extended yesterday’s gains, as the All-Share Index advanced by 1.0% to 47,111.21 points. Today’s performance was underpinned by sustained interests in MTNN (+2.5%). Consequently, the Month-to-Date return printed +1.0%, while the YTD return increased to +10.3%.
The total volume of trades declined by 21.6% to 341.52 million units, valued at NGN3.69 billion, and exchanged in 6,417 deals. TRANSCORP was the most traded stock by volume at 32.11 million units, while GTCO was the most traded stock by value at NGN587.32 million.
Performance across sectors was positive as gains in the Oil & Gas (+5.4%), Banking (+2.2%), Insurance (+0.8%), Industrial Goods (+0.4%), and Consumer Goods (+0.2%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was positive (1.8x), as 36 tickers gained relative to 20 losers. SEPLAT (+10.0%) and CONOIL (+9.8%) recorded the most significant gains of the day, while CAVERTON (-9.5%) and ETERNA (-9.2%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.1% NGN415.75/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 575bps to 2.3%, following inflows into the system from OMO maturities (NGN102.23 billion).
The NTB secondary market opened the month with mixed trading, as the average yield was flat at 4.4%. Similarly, the average yield was unchanged at 5.2% in the OMO segment.
Trading in the Treasury bond secondary market was mixed, as the average yield was unchanged at 11.5%. Across the benchmark curve, average yield expanded slightly at the short (+1bp) end as investors sold off the APR-2023 (+4bps) bonds; Conversely, the average yield was unchanged at the mid and long segments.
