September 22, 2022/Cordros Report
EQUITIES
The Nigerian equities market sustained yesterday’s bearish sentiments as investors sold off BUACEMENT (-6.2%). Thus the All-Share Index dipped by 0.5% to close at 49,190.34 points. Consequently, the Month-to-Date loss increased to -1.3%, while the Year-to-Date gain moderated to +15.2%.
The total volume traded increased by 144.5% to 126.84 million units, valued at NGN1.78 billion, and exchanged in 3,117 deals. NGXGROUP was the most traded stock by volume and value at 30.75 million units and NGN553.54 million, respectively.
Sectoral performance was broadly negative, as the Industrial Goods (-2.3%), Consumer Goods (-0.4%), Insurance (-0.3%), and Oil & Gas (-0.2%) indices declined, while the Banking (+0.4%) index advanced.
As measured by market breadth, market sentiment was negative (0.6x) as 14 tickers lost relative to 9 gainers. CORNERST (-10.0%) and MULTIVERSE (-9.9%) topped the losers’ list, while TRANSEXPR (+8.7%) and NEM (+2.7%) recorded the highest gains of the day.
CURRENCY
The naira was flat at NGN436.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 150bps to 14.7%, in the absence of any significant outflow from the system.
The Treasury bills secondary market was quiet, as the average yield was unchanged at 7.6%. Similarly, the average yield closed flat at 9.4% in the OMO segment.
Activities in the Treasury bond secondary market were bearish, as the average yield expanded by 7bps to 12.9%. Across the benchmark curve, the average yield expanded at the short (+18bps) end as market players sold off the FEB-2028 (+58bps) bond. The average yield was flat at the mid and long segments.
