February 3, 2022/Cordros Report
EQUITIES
The local bourse reversed yesterday’s loss as buying interest in DANGCEM (+5.5%) drove the benchmark index higher. Precisely, the All-Share Index advanced by 0.9% to 47,329.80 points. Consequently, the Month-to-Date and Year-to-Date returns increased to 1.5% and 10.8%, respectively.
The total volume traded declined by 20.3% to 346.70 million units, valued at NGN3.83 billion, and exchanged in 4,952deals. FIDELITYBK was the most traded stock by volume at 55.94 million units, while GTCO was the most traded stock by value at NGN584.96 million.
Analysing by sectors, the Industrial Goods (+2.7%), Oil & Gas (+1.4%), and Insurance (+0.2%) indices posted gains, while the Banking (-0.5%) and Consumer Goods (-0.2%) indices declined.
As measured by market breadth, market sentiment was positive (1.2x), as 23 tickers gained relative to 19 losers. OANDO (+10.0%) and ACADEMY (+9.7%) topped the gainers’ list, while PHARMDEKO (-10.0%) and CHAMPION (-8.7%) recorded the most significant losses of the day.
CURRENCY
The naira was flat at NGN416.07/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 25bps to 1.0%, in the absence of any significant funding pressures on the system.
The NTB secondary market continued trading with mixed sentiments, as the average yield was unchanged at 4.4%. Similarly, the average yield was flat at 5.5% in the OMO segment.
Trading in the Treasury bond secondary market was mixed, as the average yield stayed flat at 11.5%. Across the benchmark curve, as the average yield contracted at the short (-2bps) end as investors demanded the JAN-2026 (-3bps) bond but expanded at the long (+1bp) end due to profit-taking on the MAR-2035 (+3bps) bond. The average yield remained flat at the mid segment.
