February 15, 2022/Cordros Report
EQUITIES
In today’s session, the Nigerian equities market traded with mixed sentiments albeit with a bullish tilt as bargain hunting in MTNN (+0.3%) and BUAFOODS (+0.8%) underpinned the market’s performance. Thus, the All-Share Index traded flat at 47,064.82 points with the Month-to-Date and Year-to-Date returns unchanged at +0.9% and +10.2%, respectively.
The total volume of trades declined by 18.9% to 274.21 million units, valued at NGN3.82 billion, and exchanged in 5,331 deals. ACCESS was the most traded stock by volume at 55.40 million units while GUINNESS was the most traded by value at NGN1.16 billion.
On sectors, the Insurance (+1.5%), Oil & Gas (+0.3%) and the Consumer Goods (+0.1%) indices recorded gains, while the Banking (-1.0%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.4x), as 27 tickers gained relative to 20 losers. LEARNAFRCA (+9.7%) and MORISON (+9.6%) recorded the highest gains of the day, while BERGER (-9.6%) and CHIPLC (-4.6%) topped the losers’ list.
CURRENCY
The naira appreciated by 0.2% to NGN416.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 133bps to 1.9%, as the inflow from OMO maturities (NGN135.90 billion) boosted system liquidity.
The Treasury Bill secondary market closed with bullish sentiments, as the average yield contracted by 10bps to 4.1%. Across the curve, most of the day’s activity was witnessed at the long (-27bps) end, as market participants demanded the 205DTM (-127bps) instrument. The average yield was flat at the short and mid segments. . Elsewhere, the average yield was unchanged at 5.5% in the OMO segment.
Proceedings in the Treasury bond secondary market was bullish, as the average yield declined by 3bps to 11.4%. Across the benchmark curve, the average yield expanded at the short (+4bps) end following profit-taking on the MAR-2025 (+17bps) bond; but contracted at the mid (-9bps) and long (-3bps) segments following buying interest in the FEB-2028 (-37bps) and MAR-2050 (-11bps) bonds, respectively.
