January 19, 2023/Cordros Report
EQUITIES
Trading in the Nigerian equities market was moderately positive in today’s session, as the All-Share Index notched a 2bps gain to 52,626.42 points. Precisely, investors’ interests in WAPCO (+1.0%) and DANGSUGAR (+1.8%) supported the market performance amid sell-offs of INTBREW (-5.1%). Consequently, the Year-to-Date return settled at +2.7%.
The total volume traded decreased by 40.8% to 129.04 million units, valued at NGN1.82 billion, and exchanged in 3,183 deals. ZENITHBANK was the most traded stock by volume and value at 18.55 million units and NGN455.74 million, respectively.
Analysing by sectors, the Insurance (+0.4%), Banking (+0.2%), and Industrial Goods (+0.1%) indices advanced, while the Oil & Gas and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.6x), as 25 tickers gained relative to 16 losers. INTENEGINS (+9.8%) and CWG (+9.5%) recorded the highest gains of the day, while CILEASING (-10.0%) and CHAMS (-7.1%) topped the losers list.
CURRENCY
The naira depreciated by 0.1% to close at NGN461.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained at 9.8%, as the average system liquidity closed at a net long position (NGN399.80 billion).
The Nigerian Treasury Bills secondary market traded with bearish sentiments, as the average yield expanded by 31bps to 3.4%. Across the curve, the average yield closed flat at the short and mid segments but expanded at the long (+87bps) end following the selloff of the 322DTM (+523bps) bill. Elsewhere, the average yield was flat at 2.9% in the OMO segment.
Similarly, the FGN bond secondary market closed on a bearish note, as the average yield expanded by 40bps to 13.2%. Across the benchmark curve, the average yield increased at the short (+18bps), mid (+46bps), and long (+56bps) segments following profit-taking activities on the FEB-2028 (+112bps), APR-2032 (+67bps), and MAR-2036 (+121bps) bonds, respectively.
