November 22, 2022/Cordros Report
EQUITIES
The local bourse extended yesterday’s gain as buying interest in MTNN (+1.5%) drove the All-Share Index 0.6% higher to 44,929.33 points. Accordingly, the Month-to-Date and Year-to-Date gains increased to +2.5% and +5.2%, respectively.
The total volume traded declined by 20.7% to 126.56 million units, valued at NGN3.85 billion, and exchanged in 3,383 deals. ZENITHBANK was the most traded stock by volume at 13.55 million units, while MTNN was the most traded stock by value at NGN2.40 billion.
Performance across sectors was broadly positive, as the Banking (+1.1%), Consumer Goods (+0.9%), Industrial Goods (+0.3%), Oil & Gas (+0.2%) and Insurance (+0.2%) indices closed in the green.
As measured by market breadth, market sentiment was positive (4.3x), as 26 tickers gained relative to 6 losers. UPDCREIT (+10.0%) and INTBREW (+9.4%) recorded the most significant gains of the day, while RTBRISCOE (-10.0%) and PRESCO (-7.2%) topped the losers’ list.
CURRENCY
The naira was flat at NGN445.50/USD at the I&E window
MONEY MARKET & FIXED INCOME
The overnight lending expanded by 75bps to 17.3%, despite the inflow from FGN bond coupon payment (NGN9.37 billion).
The NTB secondary market traded in a lull, as the average yield closed flat at 10.6%. Similarly, the average yield was unchanged at 10.2% in the OMO segment.
Activities in the Treasury bond secondary market closed on a bearish note, as the average yield expanded by 3bps to 14.3%. Across the benchmark curve, the average yields expanded at the short (+6bps), mid (+3bps), and long (+1bp) segments, following profit-taking activities on the MAR-2025 (+35bps), APR-2032 (+5bps), and JUL-2034 (+9bps) bonds, respectively.
