April 20, 2022/Cordros Report
EQUITIES
Bullish sentiments persisted in the domestic equities market as investors took positions in AIRTELAFRI (+4.7%) and DANGCEM (+1.9%). Thus, the All-Share Index advanced by 1.3% to 48,138.71 points. Accordingly, the Month-to-Date and Year-to-Date gains increased by +2.5% and +12.7%, respectively.
The total volume traded decreased by 4.4% to 349.56 million units, valued at NGN3.70 billion, and exchanged in 4,587 deals. UNIVINSURE was the most traded stock by volume at 73.05 million units, while MTNN was the most traded stock by value at NGN629.03 million.
On sectors, the Oil & Gas (+3.0%), Consumer Goods (+2.1%), and Industrial Goods (+1.0%) indices posted gains, while the Banking (-2.5%) and Insurance (-0.3%) indices declined.
As measured by market breadth, market sentiment was positive (1.4x) as 27 tickers gained relative to 19 losers. ETERNA (+10.0%) and GUINNESS (+10.0%) topped the gainers’ list, while UNIONDICON (-9.6%) and CWG (-9.3%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 0.3% to NGN418.33/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 383bps to 12.7% in the absence of any significant funding pressure on the system.
The Treasury bills secondary market traded with bearish sentiments, as the average yield expanded by 32bps to 3.6%. Across the curve, the average yield expanded at the short (+33bps), mid (+36bps), and long (+15bps) segments as market participants sold off the 71DTM (+68bps), 141DTM (+46bps), and 330DTM (+454bps) bills, respectively. Similarly, the average yield expanded by 13bps to 3.9% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish as the average yield expanded by 2bps to 10.9%. Across the benchmark curve, the average yield expanded at the short (+5bps) and mid (+1bp) segments as investors sold off the MAR-2027 (+15bps) and FEB-2028 (+8bps) bonds, respectively; but remained flat at the long end.
