October 19, 2022/Cordros Report
EQUITIES
The local bourse closed on a bearish note for the third consecutive session, as the selloff of top telecommunication player — AIRTELAFRI (-10.0%) persisted. As a result, the All-Share Index dipped by 2.3% to close at 44,318.15 points. Accordingly, the Month-to-Date loss rose to -9.6%, while the Year-to-Date gain moderated to +3.8%.
The total volume traded decreased by 60.7% to 165.35 million units, valued at NGN3.67 billion, and exchanged in 3,088 deals. FBNH was the most traded stock by volume at 48.09 million units, while AIRTELAFRI was the most traded stock by value at NGN1.15 billion.
On sectoral performance, the Industrial Goods (+0.9%), Banking (+0.5%), and Insurance (+0.2%) indices advanced, while the Oil & Gas (-0.8%) index closed lower. The Consumer Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.8x) as 17 tickers lost relative to 14 gainers. AIRTELAFRI (-10.0%) and MRS (-9.8%) topped the losers’ list, while FIDELITYBK (+9.7%) and JAIZBANK (+7.1%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 0.1% to NGN441.50/USD at the I&E window
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 16.5%, as the average system liquidity remained at a net short position, closing at NGN238.06 billion.
Trading in the Treasury bills secondary market was muted, as the average yield was unchanged at 9.9%. Similarly, the average yield was flat at 10.3% in the OMO segment.
Activities in the Treasury bond secondary market were quiet, as the average yield closed flat at 14.0%.
