October 6, 2022/Cordros Report
EQUITIES
The Nigerian equities market dipped further into the bear territory as AIRTELAFRI (-10.0%) closed limit down. Precisely, the All-Share Index declined by 3.2% to 47,260.89 points – the most significant single-day loss since 12th March 2020 (-3.7%). Accordingly, the Month-to-Date loss printed -3.6% while the Year-to-Date gain moderated to +10.6%.
The total volume traded increased by 3.8% to 140.67 million units, valued at NGN2.52 billion, and exchanged in 4,371 deals. GTCO was the most traded stock by volume at 27.73 million units, while GEREGU remains the most traded stock by value at NGN586.76 million.
Analysing by sectors, the Banking (-0.9%), Industrial Goods (-0.3%), Insurance (-0.3%), and Consumer Goods (-0.1%) indices printed losses, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.6x) as 23 tickers lost relative to 14 gainers. AIRTELAFRI (-10.0%) and PRESCO (-10.0%) topped the losers’ list, while GEREGU (+9.9%) and LIVESTOCK (+9.8%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 0.2% to NGN436.63/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 16.8%, as the system liquidity settled at a net long position (NGN99.92 billion).
Activities in the Treasury bills secondary market were muted, as the average yield stayed flat at 7.2%. Similarly, the average yield was unchanged at 10.3% in the OMO segment.
The Treasury bond secondary market traded in a lull, as the average yield closed flat at 13.5%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end following the selloff of the FEB-2028 (+15bps) bond but was flat at the mid and long segments.
