September 13, 2022/Cordros Report
EQUITIES
Mixed sentiments prevailed in the local bourse today as losses in FCMB (-3.0%) and FBNH (-0.5%) offset a gain in WAPCO (+1.7%). As a result, the All-Share Index was flat at 49,627.72 points, with the Month-to-Date loss and Year-to-Date return unchanged at -0.4% and +16.2%, respectively.
The total volume of trades increased by 85.1% to 160.24 million units, valued at NGN1.49 billion, and exchanged in 3,847 deals. ZENITHBANK was the most traded stock by volume and value at 26.74 million units and NGN536.65 million, respectively.
Sectoral performance was mixed, as the Insurance (-0.6%) and Banking (-0.1%) indices declined, while the Consumer Goods and Oil & Gas indices closed flat. The Industrial Goods (+0.1%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.8x), as 16 tickers lost relative to 12 gainers. REDSTAREX (-10.0%) and CAVERTON (-4.6%) recorded the highest losses of the day, while MULTIVERSE (+9.7%) and NPFMCRFBK (+7.8%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.1% to NGN436.04/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 400bps to 8.0%, following the inflow from OMO maturities (NGN35.00 billion).
Activities in the Treasury bills secondary market were lull, as the average yield was unchanged at 7.8%. Elsewhere, the average yield contracted by 19bps to 10.6% in the OMO segment.
The Treasury bond secondary market traded with mixed sentiments, although with a bullish tilt, as the average yield pared by 1bp to 12.9%. Across the benchmark curve, the average yield contracted at the short (-3bps) end following investors’ interest in the JAN-2026 (-12bps) bond but closed flat at the mid and long segments.
