September 28, 2022/Cordros Report
EQUITIES
The local bourse traded marginally higher as buying interest in BUACEMENT (+3.1%) triggered a 2bps expansion in the All-Share Index to 49,171.70 points. Accordingly, the Month-to-date and Year-to-Date returns settled at -1.3% and +15.1%, respectively.
The total volume traded declined by 50.7% to 101.57 million units, valued at NGN1.20 billion, and exchanged in 3,981 deals. GTCO was the most traded stock by volume and value at 14.34 million units and NGN259.04 million, respectively.
Analysing by sectors, the Banking (-1.1%), Consumer Goods (-0.1%) and Insurance (-0.1%) indices closed in the red, while the Industrial Goods (+1.1%), and Oil & Gas (+0.3%) indices gained.
As measured by market breadth, market sentiment was negative (0.4x) as 18 tickers lost relative to 7 gainers. ROYALEX (-9.8%) and CHIPLC (-8.6%) recorded the most significant losses of the day, while CHAMS (+8.0%) and ARDOVA (+7.4%) topped the gainers’ list.
CURRENCY
The naira was flat at NGN436.37/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 183bps to 16.8%, in the absence of any significant outflow from the system.
The Treasury bills secondary market traded quietly, as participants shifted their focus to the outcome of today’s PMA. Thus, the average yield was flat at 7.4%. Elsewhere, the average yield expanded by 88bps to 10.3% in the OMO segment.
Activities in the Treasury bond secondary market were mixed, but with a bullish bias as the average yield pared by 1bp to 12.9%. Across the benchmark curve, the average yield contracted at the short (-1bp) end as investors demanded the APR-2023 (-8bps) bond. Conversely, the average yield was flat at the mid and long segments.
