April 28, 2022/Cordros Report
EQUITIES
Trading in the domestic bourse sustained its positive momentum as the All-Share Index notched a 0.6% gain to close at 48,837.76 points. Today’s performance was supported by gains in SEPLAT (+9.1%) and MTNN (+0.9%). Consequently, the Month-to-Date and Year-to-Date returns increased to +4.0% and +14.3%, respectively.
The total volume traded increased by 207.9% to 759.65 million units, valued at NGN5.54 billion, and exchanged in 5,032 deals. FCMB was the most traded stock by volume and value at 503.98 million units and NGN1.76 billion, respectively.
Performance across sectors was broadly positive, as the Oil & Gas (+5.2%), Insurance (+1.1%), Banking (+0.9%) and Consumer Goods (+0.7%) indices all closed in the green; the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.9x) as 33 tickers gained relative to 17 losers. CADBURY (+10.0%) and MULTIVERSE (+10.0%) topped the gainer’s list, while CHAMPION (-6.9%) and FTNCOCOA (-5.1%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 0.2% to NGN418.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 75bps to 11.8%, following inflows from FGN Bond Coupon payments (NGN46.92 billion).
Activities in the NTB secondary market was mixed, as the average yield stayed flat at 3.7%. Elsewhere, the average yield in the OMO segment expanded by 17bps to 4.2%.
The Treasury bond secondary market traded with bullish sentiments as the average yield dipped by 7bps to 11.0%. Across the benchmark curve, the average yield contracted at the short (-26bps) end as investors demanded the APR-2023 (+133bps) bond but expanded at the long (+2bps) end following sell-offs of the MAR-2050 (+7bps) bond. Conversely the average yield was flat at the mid segment.
