April 27, 2022/FSDH Research

The Nigerian equity market closed on a positive note today as All Share Index marginally increased by 0.01 percent to close at 48,571.75. The market cap of equities listed on the NGX increased to ₦26.186 trillion from ₦26.184 trillion as on the previous close. The total volume traded closed with an exchange of 246.704 million units valued at ₦2.32 billion traded in 5,033 deals. However, the market breadth was negative with 18 gainers as against 23 losers.

The NGX 30 Index marginally decreased by 0.03 percent to close at 1,856.17 points as against 1,856.72 points at the previous close. Market turnover closed with a traded volume of 91.96 million units. Presco and Guinness were the key gainers, while UBN and Zenith were the key losers.

Company Performance (NGX 30)

As of April 27, the Overnight (O/N) rate increased by 3.75 percent to close at 12.50 percent as against the last close of 8.75 percent, and the Open Repo (OPR) rate increased by 3.83 percent to close at 12.00 percent compared to 8.17 percent on the previous day.
 
FX: At the I&E FX market, Naira depreciated by 0.20 percent as the dollar was quoted at ₦419.33 as against the last close of ₦418.50. Most participants maintained bids between ₦410.00 and ₦444.00 per dollar.

NT-Bills secondary market closed on a flat note with the average yield across the curve remaining unchanged at 3.70 percent. Average yields across short-term, medium-term, and long-term maturities remained unchanged at 3.06 percent, 3.53 percent, and 4.31 percent, respectively.

In the OMO bills market, the average yield across the curve closed flat at 3.92 percent. Average yields across short-term, medium-term and long-term maturities remained unchanged at 3.06 percent, 3.72 percent, and 4.57 percent, respectively.

FGN bonds secondary market closed on a mildly negative note today, as the average bond yield across the curve cleared higher by 3 bps to close at 11.18 percent from 11.15 percent on the previous day. Average yield across the short tenor of the curve expanded by 29 bps. However, the average yields across medium tenor and long tenor of the curve declined by 4 bps and 2 bps, respectively. The 27-MAR-2050 maturity bond was the best performer with a decrease in the yield of 13 bps, while the 23-MAR-2025 maturity bond was the worst performer with an increase in the yield of 66 bps.

Access Bank Plc has sold $50 million Step-Up Green Notes due 2027 under its $1,500 million Global Medium Term Note Programme through a private placement. The Notes will be issued in registered form with a settlement date of 3 May 2022 and a maturity date of 3 May 2027. The Central Bank of Nigeria has given its ‘No Objection’ and approval to the transaction. Moreover, the Notes will also be listed on the London Stock Exchange and registered under the Reg S rules. The proceeds will be used for the financing or refinancing, in part or in full, new and/or existing projects and/or assets meeting the eligibility criteria set out in the Bank’s Green Financing Framework.

FSDH acting as the Lead Issuing House, has sold ₦46 billion Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria’s capital market under the ₦200 billion bond issuance programme for Shelter Afrique. The dual tranche bond issuance was 60.7 percent oversubscribed, with the order book peaking at ₦64.3 billion, enabling Shelter Afrique to exercise the ‘green shoe’ option and raise an additional ₦6 billion more than the original ₦40 billion plan.