November 14, 2022/Cordros Report
EQUITIES
The Nigerian equities market resumed the week on a bearish note as profit-taking activities on MTNN (-2.4%) underpinned today’s performance. As a result, the All-Share Index dipped by 0.3% to 43,818.12 points. Consequently, the Month-to-Date loss and Year-to-Date gain settled at -0.1% and +2.6%, respectively.
The total volume traded declined by 10.8% to 187.09 million units, valued at NGN2.54 billion, and exchanged in 3,326 deals. ACCESSCORP was the most traded stock by volume at 87.92 million units, while MTNN was the most traded stock by value at NGN764.37 million.
Performance across sectors was mixed, as the Insurance (+0.9%) and Banking (+0.3%) indices recorded gains, while the Oil & Gas (-0.4%) index declined. The Industrial Goods and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was flat (1.0x) as an equal number of tickers (12) gained and lost. FTNCOCOA (+9.7%) and CHIPLC (+6.9%) recorded the most significant gains of the day, while JOHNHOLT (-9.9%) and SCOA (-9.7%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.1% to NGN446.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 300bps to 15.8%, in the absence of any significant inflows to the system.
Activities in the Treasury bills secondary market were mixed, albeit with a bullish tilt, as the average yield pared by 1bp to 10.6%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp), and long (-1bp) segments following mild interest in the 87DTM (-1bp), 178DTM (-1bp), and 346DTM (-2bps) bills, respectively. Similarly, the average yield declined by 1bp to 10.2% in the OMO segment.
Elsewhere, the FGN bonds secondary market closed on a bearish note, as the average yield expanded by 2bps to 14.4%. Across the benchmark curve, the average yield increased at the short (+2bps), and long (+3bps) ends as investors sold off the APR-2023 (+10bps) and APR-2037 (+18bps) bonds, respectively. Conversely, the average yield was flat at the mid segments.
