April 13, 2022/Cordros Report
EQUITIES
The bulls continued to dominate on the local bourse as demand for MTNN (+0.9%) persisted. Thus, the All-Share index advanced by 0.3% to 47,367.31 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +0.9% and +10.9%, respectively.
The total volume traded increased by 59.7% to 391.89 million units, valued at NGN9.95 billion, and exchanged in 5,419 deals. GTCO was the most traded stock by volume at 65.89 million units, while MTNN was the most traded stock by value at NGN4.83 billion.
Sectoral performance was mixed as the Banking (+0.6%) index gained, while the Insurance (-0.2%) index declined. The Consumer Goods, Oil & Gas, and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was positive (2.0x) as 30 tickers gained relative to 15 losers. MEYER (+9.6%) and IKEJAHOTEL (+9.2%) recorded the highest gains of the day, while STERLNBANK (-6.0%) and UNILEVER (-4.5%) 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 expanded by 13bps to 5.8% in the absence of any significant funding pressures on the system.
Trading in the Treasury bills secondary market was quiet as market participants positioned for today’s PMA. Thus, the average yield closed flat at 3.3%. Across the curve, the average yield was flat at the short and mid segments; but pared at the long (-1bp) end following demand for the 330DTM (-5bps) bill. Elsewhere, the average yield expanded by 11bps to 3.7% in the OMO segment.
The Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 5bps to 10.9%. Across the benchmark curve, the average yield expanded at the short (+14bps) end following profit-taking on the MAR-2025 (+42bps) bond; Conversely, the average yield was flat at the mid and long segments.
