March 28, 2022/Cordros Report
EQUITIES
Activities in the domestic equities market resumed the week negatively, as investors sold off ZENITHBANK (-2.3%) stock. Thus the All-Share Index settled lower by 0.2% at 46,893.86 points. Accordingly, the Month-to-Date loss increased to -1.1%, while the Year-to-Date return moderated to +9.8%.
The total volume traded increased by 103.2% to 359.89 million units, valued at NGN2.61 billion, and exchanged in 5,163 deals. TRANSCORP was the most traded stock by volume at 92.00 million units, while SEPLAT was the most traded stock by value at NGN368.37 million.
Performance across sectors was mixed, as the Banking (-4.4%), Insurance (-0.3%), and Oil & Gas (-0.1%) indices declined, while the Consumer Goods (+0.2%) and Industrial Goods (+0.1%) indices recorded gains.
As measured by market breadth, market sentiment was positive (1.1x) as 18 tickers gained relative to 16 losers. BETAGLAS (+9.9%) and PZ (+9.7%) recorded the highest gains of the day, while LEARNAFRCA (-9.7%) and UNITYBNK (-8.2%) topped the losers’ list.
CURRENCY
The naira was flat at NGN416.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 117bps to 5.0% in the absence of any significant funding pressure on the system.
Activities in the Treasury bills secondary market were 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 mixed sentiments, as the average yield was unchanged at 10.6%. Across the benchmark curve, the average yield contracted at the short (-2bps) end as investors demanded the APR-2023 (-6bps) bond; but inched higher at the long (+1bp) end following profit-taking on the JUL-2045 (+10bps) bond. Conversely, the average yield was flat at the mid segment.
