March 23, 2022/Cordros Report
EQUITIES
Trading in the local bourse edged a positive performance in today’s session, as the All-Share Index notched a 2bps gain to close at 47,163.94 points. Precisely, investors’ interests in ACCESS (+1.0%) and WAPCO (+0.9%) supported market performance amid sell-off of FCMB (-8.7%) stocks. Thus the Month-to-Date and Year-to-Date returns were unchanged at -0.5% and +10.4%, respectively.
The total volume of trades declined by 11.9% to 267.48 million units, valued at NGN3.22 billion, and exchanged in 4,099 deals. FIDELITYBK was the most traded stock by volume at 68.82 million units, while GTCO was the most traded stock by value at NGN621.97 million.
Analysing by sectors, the Banking (+0.3%), Oil & Gas (+0.1%), and Industrial Goods (+0.1%) indices posted gains while the Consumer Goods index closed flat. The Insurance (-0.2%) index declined.
As measured by market breadth, market sentiment was mixed (1.0x) as an equal number of tickers (16) posted gains and declined. CAP (+10.0%) and LEARNAFRCA (+9.6%) recorded the highest gains of the day, while FCMB (-8.7%) and MBENEFIT (-7.4%) topped the losers’ list.
CURRENCY
The naira was flat at 417.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 100bps to 12.7% following outflows for the FGN bond auction settlement (NGN297.01 billion).
Trading in the NTB secondary market was quiet, as the average yield was unchanged at 3.2%. Similarly, the average yield was flat at 3.6% in the OMO segment.
The Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 5bps to 10.5%. Across the benchmark curve, the average yield expanded at the short (+12bps) and long (+1bp) ends as investors sold off the MAR-2024 (+62bps) and MAR-2036 (+9bps) bonds, respectively but was flat at the mid segment.
