September 1, 2022/Cordros Report
EQUITIES
Bullish sentiments persisted in the local bourse as buying interest in BUACEMENT (+2.7%) drove the All-Share Index 0.1% higher to close at 49,889.88 points. Accordingly, the Year-to-Date return settled at +16.8%.
The total volume traded declined by 37.6% to 229.12 million units, valued at NGN1.75 billion, and exchanged in 3,575 deals. STERLNBANK was the most traded stock by volume at 108.70 million units, while GTCO was the most traded stock by value at NGN680.45 million.
Analysing by sectors, the Industrial Goods (+1.0%), Oil & Gas (+0.3%), and Consumer Goods (+0.1%) indices advanced, while the Insurance (-0.5%), and Banking (-0.4%) indices declined.
As measured by market breadth, market sentiment was positive (1.1x) as 13 tickers gained relative to 12 losers. PHARMDEKO (+7.4%) and CHIPLC (+5.0%) topped the gainers’ list, while MBENEFIT (-9.4%) and CWG (-9.1%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 0.1% to NGN430.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 117bps to 7.5%, in the absence of any significant funding pressure on the system.
Trading in the NTB secondary market remained quiet, as the average yield was flat at 7.8%. Elsewhere, the average yield contracted by 5bps to 11.1% in the OMO segment.
Activities in the Treasury bond secondary market were mixed, although with a bullish tilt, as the average yield pared by 1bp to 12.7%. Across the benchmark curve, the average yield contracted at the short (-2bps) end as investors demanded the MAR-2025 (-9bps) bond. Conversely, the average yield closed flat at the mid and long segments.
