July 21, 2022/Cordros Report
EQUITIES
Sentiments remained bearish in the domestic equities market, as losses in INTBREW (-9.2%) and WAPCO (-1.9%) caused a 0.1% decline in the benchmark index. Thus, the All-Share Index closed at 52,122.00 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to +0.6% and +22.0%, respectively.
The total volume traded declined by 36.2% to 151.94 million units, valued at NGN2.16 billion, and exchanged in 3,447 deals. GTCO was the most traded stock by volume and value at 33.85 million units and NGN707.71 million, respectively.
Sectoral performance was mixed, as the Consumer Goods (-0.4%), Banking (-0.4%), and Industrial Goods (-0.1%) indices declined, while the Insurance (+0.8%) and Oil & Gas (+0.1%) indices closed higher.
As measured by market breadth, market sentiment was negative (0.6x) as 22 tickers lost relative to 13 gainers. INTBREW (-9.2%) and CAVERTON (-8.8%) recorded the highest losses of the day, while MULTIVERSE (+9.6%) and CORNERST (+9.1%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.1% to NGN426.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 15.0%, in the absence of any significant funding pressure on the system.
Trading in the NTB secondary market remained muted, as the average yield was unchanged at 7.0%. Similarly, the average yield was flat at 9.0% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish, as the average yield expanded by 5bps to 11.9%. Across the benchmark curve, the average yield expanded at the short (+3bps) and mid (+17bps) segments, following profit-taking on the JAN-2026 (+14bps) and APR-2029 (+68bps) bonds, respectively. The average yield closed flat at the long end.
