September 15, 2022/Cordros Report
EQUITIES
The Nigerian equities market sustained yesterday’s bearish sentiments as profit-taking in ACCESSCORP (-2.2%) and DANGSUGAR (-2.7%) drove the All-Share Index 0.1% lower to close at 49,540.48 points. Consequently, the Month-to-Date loss and Year-to-Date gain settled at -0.6% and +16.0%, respectively.
The total volume of trades declined by 15.1% to 167.61 million units, valued at NGN1.26 billion, and exchanged in 3,458 deals. COURTVILLE was the most traded stock by volume at 38.81 million units, while ACCESSCORP was the most traded stock by value at NGN249.36 million.
Sectoral performance was broadly negative, as the Consumer Goods (-0.3%), Insurance (-0.2%), Oil & Gas (-0.2%), and Banking (-0.1%) indices declined, while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 15 tickers lost relative to 8 gainers. UACN (-6.8%) and VITAFOAM (-5.9%) recorded the highest losses of the day, while SOVRENINS (+3.9%) and CADBURY (+2.7%) topped the gainers’ list.
CURRENCY
The naira was flat at NGN436.33/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 25bps to 7.3%, in the absence of any significant outflow from the system.
Activities in the Treasury bills secondary market remain mute, as the average yield closed flat at 7.8%. Elsewhere, the average yield contracted slightly by 1bp to 10.6% in the OMO segment.
The Treasury bond secondary market was bullish as the average yield contracted by 2bps to 12.7%. Across the benchmark curve, the average yield contracted at the short (+8bps) end due to investors’ interest in the MAR-2024 (-44bps) bond. The average yield closed flat at the mid and long segments.
