March 1, 2022/FSDH
The Nigerian equity market closed on a positive note today as All Share Index increased by 0.19 percent to close at 47,482.73 points. The market cap of equities listed on the NGX increased to ₦25.591 trillion from ₦25.543 trillion as on the previous close. The total volume traded closed with an exchange of 370.543 million units valued at ₦7.85 billion traded in 6,045 deals. However, the market breadth was negative with 15 gainers as against 34 losers.
The NGX 30 Index increased by 0.11 percent to close at 1,822.15 points as against 1,820.16 points on the previous close. Market turnover closed with traded volume of 195.85 million units. Seplat and FCMB were the key gainers, while Ecobank and Lafarge Africa were the key losers.
Company Performance (NGX 30)
As of March 1, the Overnight (O/N) rate decreased by 2.00 percent to close at 10.33 percent as against the last close of 12.33 percent, and the Open Repo (OPR) rate also decreased by 2.00 percent to close at 9.67 percent compared to 11.67 percent on the previous day. Despite OMO repayment of ₦70.00 billion, the money market rates may remain elevated in the near term.
FX: At the I&E FX market, Naira remained unchanged at ₦416.67. Most participants maintained bids between ₦410.00 and ₦444.00 per dollar.
NT-Bills secondary market closed on a mildly negative note with average yield across the curve increasing by 1 basis point at 3.68 percent from 3.67 percent on the previous day. Average yield across the long-term maturities expanded by 2 bps. However, the average yields across short-term and medium-term maturities closed flat at 3.03 percent and 3.42 percent, respectively. NTB 26-Jan-23 (+8 bps) and NTB 10-Nov-22 (+1 basis point) maturity bills witnessed selling pressure, while the yields on 9 bills remained unchanged.
In the OMO bills market, the average yield across the curve closed flat at 3.92 percent. Average yield across the long-term maturities remained unchanged at 3.92 percent.
FGN bonds secondary market closed on a mildly positive note today, as the average bond yield across the curve cleared lower by 10 bps to close at 10.81 percent from 10.91 percent on the previous day. Average yields across short tenor and medium tenor of the curve declined by 21 bps and 19 bps, respectively. However, the average yield across the long tenor of the curve remained unchanged. The 26-APR-2029 maturity bond was the best performer with a decrease in the yield of 95 bps.
As per the revised FGN Bonds Issuance Calendar for the first quarter of 2022, the DMO is scheduled to offer bonds worth between ₦140 – ₦160 billion on March 21 through re-opening of 10-year (₦70-₦80 billion) and 20-year (₦70-₦80 billion) tenors.
FSDH Research
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