November 30, 2022/Cordros Report
EQUITIES
Sentiments in the local bourse turned positive as the All-Share Index inched higher by 0.7% to close at 47,660.04 points. Today’s performance was supported by bargain hunting in top telecommunications player – MTNN (+3.8%). Consequently, the Month-to-Date and Year-to-Date returns increased to +8.7% and +11.6%, respectively.
The total volume traded declined by 11.5% to 107.02 million units, valued at NGN1.32 billion, and exchanged in 3,227 deals. FBNH was the most traded stock by volume at 12.53 million units, while ZENITHBANK was the most traded stock by value at NGN174.55 million.
On sectors, the Consumer Goods (-0.8%) and Insurance (-0.6%) indices printed losses, while the Industrial Goods and Oil & Gas indices closed flat. The Banking (+1.8%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (3.0x) as 21 tickers gained relative to 7 losers. WEMABANK (+10.0%) and UACN (+10.0%) recorded the most significant gains of the day, while ROYALEX (-10.0%) and REDSTAREX (-9.3%) topped the losers’ list.
CURRENCY
The naira was flat at NGN445.30/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 488bps to 10.9%, in the absence of any significant inflows into the system.
Quiet trading persisted in the Nigerian Treasury bills secondary market, as the average yield stayed flat at 10.5%. However, across the curve, the average yield was flat at the short and mid segments, but pared at the long (-1bp) end as participants demanded the 330DTM (-1bp) bill. Elsewhere, the average yield was unchanged at 10.1% in the OMO segment.
The Treasury bonds secondary market closed on a bullish note, as the average yield contracted by 3bps to 14.3%. Across the benchmark curve, the average yield contracted at the short (-7bps) end following buying interest in the MAR-2025 (-22bps) bond but was flat at the mid and long segments.
