August 4, 2022/Cordros Report
EQUITIES
Sentiments remained bearish in the domestic bourse as selloffs in BUACEMENT (-4.5%) persisted. Thus, the All-Share Index settled 3bps lower at 50,582.30 points. Consequently, the Month-to-Date and Year-to-Date returns printed +0.4% and +18.4%, respectively.
The total volume traded increased by 7.7% to 130.45 million units, valued at NGN1.62 billion, and exchanged in 3,993 deals. AIICO was the most traded stock by volume at 16.32 million units, while MTNN was the most traded stock by value at NGN403.58 million.
Performance across sectors was mixed, as the Banking (+2.1%) and Consumer Goods (+0.1%) indices advanced, while the Industrial Goods (-1.6%) and Oil & Gas (-0.1%) indices closed lower. The Insurance index was flat.
As measured by market breadth, market sentiment was positive (1.4x) as 23 tickers gained relative to 16 losers. PZ (+10.0%) and HONYFLOUR (+9.6%) topped the gainers’ list, while MULTIVERSE (-10.0%) and LASACO (-7.1%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 0.3% to NGN428.13/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 15.0%, as system liquidity closed in a short position at NGN19.59 billion.
Activities in the NTB secondary market were lull, as the average yield closed flat at 7.7%. Elsewhere, the average yield expanded by 38bps to 10.0% in the OMO segment.
Trading in the Treasury bond secondary market was mixed, albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 12.2%. Across the benchmark curve, the average yield expanded at the short (+5bps) end as investors sold off the MAR-2024 (+21bps) bond. Conversely, the average yield closed flat at the mid and long segments.
