December 20, 2022/Cordros Report
EQUITIES
The Nigerian equities market traded with mixed sentiments as gains in ZENITHBANK (+1.0%) and DANGSUGAR (+1.3%) proved sufficient in offsetting the loss in FBNH (-1.4%). Thus, the All-Share Index traded flat at 49,416.18 points, with the Month-to-Date and Year-to-Date returns unchanged at +3.7% and +15.7%,
respectively.
The total volume of trades increased by 30.4% to 100.09 million units, valued at NGN1.30 billion, and exchanged in 3,186 deals. GTCO was the most traded stock by volume and value at 16.44 million units, and NGN354.75 million, respectively.
Analysing by sectors, the Banking (+0.3%), and Oil & Gas (+0.2%) indices recorded gains, while the Insurance (-0.3%) index declined. The Industrial Goods and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 14 tickers lost relative to 11 gainers. NEIMETH (-9.7%) and SCOA (-9.4%) topped the losers’ list, while UPDCREIT (+8.6%) and ROYALEX (+6.0%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 0.3% to NGN452.67/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 8.8%, despite the inflow from OMO maturities (NGN5.00 billion).
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 3bps to 8.2%. Across the curve, the average yield contracted at the short (-9bps) end as investors demanded the 79DTM (-43bps) bill, but closed flat at the mid and long segments. Elsewhere, the average yield was unchanged at 10.1% in the OMO segment.
Similarly, the Treasury bond secondary market was bullish, as the average yield contracted by 6bps to 13.3%. Across the benchmark curve, the average yield contracted at the short (-15bps) and long (-1bp) ends due to the selloff of the JAN-2026 (-65bps) and APR-2037 (-6bps) bonds, respectively. Conversely, the average yield was flat at the mid segment.
