June 30, 2022/Cordros Report
EQUITIES
The domestic equities market traded quietly for most of the day, however late interests in UBN (+4.2%) and FBNH (+1.8%), triggered a 3bps expansion in the All-Share Index to 51,817.59 points. Accordingly, the Month-to-Date loss and Year-to-Date returns settled at -2.2% and +21.3%, respectively.
The total volume traded declined by 46.4% to 223.11 million units, valued at NGN3.87 billion, and exchanged in 4,213 deals. FBNH was the most traded stock by volume at 36.63 million units, while MTNN was the most traded stock by value at NGN1.37 billion.
Performance across sectors was broadly positive, as the Oil & Gas (+0.4%), Insurance (+0.4%), and Banking (+0.3%) indices closed higher, while the Consumer Goods (-0.2%) and Industrial goods (-0.2%) indices declined.
As measured by market breadth, market sentiment was flat (1.0x), as an equal number of tickers (18) gained and declined. UPL (+9.8%) and CORNERST (+9.1%) topped the gainers’ list, while PZ (-9.9%) and TRIPPLEG (-8.4%) recorded the most significant losses of the day.
CURRENCY
The naira was flat at NGN425.05/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained at 14.0%, despite funding pressures from net NTB Issuance (NGN23.56 billion)
Trading in the Treasury bills secondary market was bearish, as the average yield expanded by 9bps to 5.4%. Across the curve, the average yield expanded at the short (+1bp) and long (+14bps) ends following profit-taking on the 56DTM (+3bps) and 343DTM (619bps) bills, respectively; but closed flat at the mid segment. Similarly, the average yield expanded by 2bps to 5.3% in the OMO segment.
Proceedings in the Treasury bond secondary market were mixed, albeit with a bearish tilt, as the average yield inched higher by 1bp to 11.1%. Across the benchmark curve, the average yield expanded at the short (+4bps) and mid (+1bp) segments as investors sold off the JAN-2026 (+25bps) and APR-2032 (+1bp) bonds, respectively. Conversely, the average yield closed flat at the long end.
