November 2, 2022/Cordros Report
EQUITIES
The bulls resurfaced in the Nigerian equities market as bargain hunting in DANGCEM (+8.8%) drove the All-Share Index 1.2% higher to 44,283.02 points. Consequently, the Month-to-Date and Year-to-Date returns printed +1.0% and +3.7%, respectively.
The total volume traded declined by 10.1% to 155.41 million units, valued at NGN1.53 billion, and exchanged in 3,796 deals. STERLNBANK was the most traded stock by volume at 24.28 million units, while MTNN was the most traded stock by value at NGN238.86 million.
Analysing sectors under our coverage, the Insurance (-1.1%), Banking (-0.9%), and Consumer Goods (-0.2%) indices recorded losses, while the Industrial Goods (+4.0%) and Oil & Gas (-0.2%) indices posted gains.
As measured by market breadth, market sentiment was negative (0.4x) as 22 tickers lost relative to 9 gainers. MRS (-9.7%) and TRANSEXPR (-9.3%) recorded the most significant losses of the day, while DANGCEM (+8.8%) and CHAMS (+4.4%) topped the gainers’ list.
CURRENCY
The naira was flat at NGN446.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 83bps to 9.0%, in the absence of any significant inflow into the system.
Trading activities in the Treasury bills secondary market were muted, as the average yield was unchanged at 11.1%. Similarly, the average yield was flat at 10.2% in the OMO segment.
The Nigerian bonds secondary market traded with mixed sentiments, as the average yield expanded slightly by 1bp to 14.4%. Across the benchmark curve, the average yield expanded at the short (+2bps) end following the sell-off of the APR-2023 (+6bps) bond. Conversely, the average yield was flat at the mid and long segments.
