October 13, 2022/Cordros Report
EQUITIES
Bearish sentiments continued today in the domestic equities market following profit-taking activities in GEREGU (-9.0%). As a result, the All-Share Index dipped by 2bps to close at 47,524.38 points. Accordingly, the Month-to-Date loss increased to -3.1%, while the Year-to-Date gain settled at +11.3%.
The total volume traded decreased by 44.2% to 86.54 million units, valued at NGN2.09 billion, and exchanged in 3,164 deals. GTCO was the most traded stock by volume at 19.15 million units, while AIRTELAFRI was the most traded stock by value at NGN923.22 million.
Analysing sectoral performance, the Banking (+0.9%) and Insurance (+0.2%) indices closed higher, while the Consumer Goods (-0.7%) and Oil & Gas (-0.7%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.4x) as 13 tickers gained relative to 9 losers. HONEYFLOUR (+9.8%) and NEIMETH (+9.5%) recorded the highest gains of the day, while UACN (-9.8%) and GEREGU (-9.0%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.3% to NGN441.83/USD at the I&E window
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 25bps to 16.5%, following inflow from net NTB maturities (NGN156.08 billion).
The Treasury bills secondary market remained calm, as the average yield closed flat at 7.3%. Similarly, the average yield was unchanged at 10.3% in the OMO segment.
Trading in the FGN bond secondary market was bearish, as the average yield expanded by 5bps to 13.6%. Across the benchmark curve, the average yield expanded at the short (+8bps), and long (+4bps) ends due to selloffs of the MAR-2024 (+51bps) and MAR-2050 (+26bps) bonds, respectively; but was flat at the mid segment.
