December 28, 2022/FSDH Research
The Nigerian equity market closed on a positive note today as All Share Index increased by 0.46 percent to close at 49,934.60. The market cap of equities listed on the NGX increased to ₦27.198 trillion from ₦27.074 trillion as on the previous close. The total volume traded closed with an exchange of 498.728 million units valued at ₦3.88 billion traded in 3,989 deals. The market breadth was positive with 27 gainers as against 6 losers.
The NGX 30 Index increased by 0.36 percent to close at 1,803.28 points as against 1,796.77 points at the previous close. Market turnover closed with a traded volume of 84.93 million units. International Breweries and Guaranty were the key gainers, while Sterling was the only loser.
Company Performance (NGX 30)
As of December 28, the Overnight (O/N) rate decreased by 1.92 percent to close at 10.83 percent as against the last close of 12.75 percent, while the Open Repo (OPR) rate decreased by 1.25 percent to close at 10.75 percent compared to 12.00 percent on the previous day.
FX: At the I&E FX market, Naira depreciated by 1.06 percent as the dollar was quoted at ₦461.33 as against the last close of ₦456.50. Most participants maintained bids between ₦440.00 and ₦461.33 per dollar. 
NT-Bills secondary market closed on a mildly positive note with the average yield across the curve decreasing by 6 bps to 5.29 percent from 5.35 percent on the previous day. Average yields across medium-term and long-term maturities declined by 45 bps and 1 basis point, respectively. However, the average yield across the short-term maturities expanded by 30 bps. NTB 27-Apr-23 (-135 bps) maturity bill witnessed maximum buying interest, while NTB 9-Mar-23 (+91 bps) maturity bill witnessed selling pressure.
In the OMO bills secondary market, the average yield across the curve closed flat at 4.73 percent. Average yields across short-term and medium-term maturities remained unchanged at 3.69 percent and 6.82 percent, respectively.
FGN bonds secondary market closed on a mildly positive note today, as the average bond yield across the curve cleared lower by 4 bps to close at 13.32 percent from 13.36 percent on the previous day. Average yields across short tenor and long tenor of the curve decreased by 2 bps and 6 bps, respectively. However, the average yield across the medium tenor of the curve closed flat.
The 18-MAR-2036 maturity bond was the best performer with a decrease in the yield of 48 bps, while the 18-APR-2037 maturity bond was the worst performer with an increase in the yield of 6 bps. Furthermore, the secondary bond market is likely to remain subdued in the short term.
