February 17, 2022/Cordros Report
EQUITIES
The Nigerian equities market traded with mixed sentiments as a loss in SEPLAT (-5.9%) offset gains in GTCO (+1.2%) and WAPCO (+1.5%). Precisely, the All-Share Index traded flat at 47,102.64 points, with the Month-to-Date and Year-to-Date returns flat at +1.0% and +10.3%, respectively.
The total volume traded increased by 12.4% to 357.76 million units, valued at NGN6.48 billion, and exchanged in 4,251 deals. GTCO was the most traded stock by volume and value at 130.14 million units and NGN3.42 billion.
Analysing by sectors, the Insurance (+0.5%), Banking (+0.4%), Consumer Goods (+0.2%) and the Industrial Goods (+0.1%) indices recorded gains, while the Oil & Gas (-3.1%) index declined.
As measured by market breadth, market sentiment was positive (1.9x) as 32 tickers gained relative to 17 losers. NNFM (+10.0%) and RTBRISCOE (+10.0%) recorded the most significant gains of the day, while CWG (-9.8%) and CHAMPION (-8.9%) topped the losers’ list.
CURRENCY
The naira was flat at NGN416.67/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 28bps to 1.0% in the absence of any significant funding pressure on the system.
The Treasury bill secondary market traded with bullish sentiments, as the average yield declined by 5bps to 4.1%. Across the curve, the average yield contracted at the short (-15bps) end as market participants’ demanded the 84DTM (-89bps) bill; the average yield closed flat at the mid and long segments. Elsewhere, the average yield was flat at 5.3% in the OMO segment.
Trading in the Treasury bond secondary market was bullish, as the average yield contracted by 14bps to 11.3%. Across the benchmark curve, the average yield contacted at the short (-51bps) end following buying interest on the MAR-2025 (-129bps) bond. Conversely, the average yield was flat at the mid and long segments.
