April 27, 2022/Cordros Report
EQUITIES
For most of today’s session, the Nigerian equities market traded quietly; however, gains recorded in BUACEMENT (+1.0%) and GUINNESS (+7.5%) ensured the market closed higher amid profit-taking on some banking names. Thus, the All-Share Index increased by 1bp to 48,571.75 points, with the Month-to-Date and Year-to-Date returns unchanged at +3.4% and +13.7%, respectively.
The total volume traded declined by 46.9% to 264.70 million units, valued at NGN2.32 billion, and exchanged in 5,033 deals. MULTIVERSE was the most traded stock by volume at 36.24 million units, while WAPCO was the most traded stock by value at NGN392.65 million.
On sector performance, the Consumer Goods (+0.7%) and Industrial Goods (+0.4%) indices recorded gains, while the Banking (-1.5%), Insurance (-0.9%), and Oil & Gas (-0.7%) indices declined.
As measured by market breadth, market sentiment was negative (0.7x) as 23 tickers lost relative to 17 gainers. IKEJAHOTEL (-9.7%) and LIVESTOCK (-9.5%) recorded the largest losses of the day, while ACADEMY (+9.9%) and WEMABANK (+9.9%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.2% to NGN419.33/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 375bps to 12.5% in the absence of any significant inflows into the system.
The Treasury bills secondary market was mixed, albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 3.7%. Across the curve, the average yield was flat at the mid and long segments but expanded at the short (+5bps) end following sell-offs of the 92DTM (+30bps) bill. Elsewhere, the average yield in the OMO segment remained unchanged at 4.1%.
Bearish sentiments dominated the Treasury bond secondary market, as the average yield expanded by 8bps to 11.1%. Across the benchmark curve, the average yield expanded at the short (15bps) and mid (+12bps) segments as investors sold off the MAR-2025 (+66bps) and APR-2022 (+11.83ppts) bonds, respectively; but contracted at the long (-2bps) end as investors demanded the MAR-2050 (-13bps) bond.
