February 8, 2023/Cordros Report
EQUITIES
Trading activities in the Nigerian equities market closed positively as the bargain hunting in DANGCEM (+1.9%) underpinned market performance. Consequently, the All-Share Index notched a 0.2% gain to close at 54,427.05 points. Accordingly, the Month-to-Date and Year-to-Date gains printed +2.2% and +6.2%, respectively.
The total volume traded declined by 24.2% to 151.58 million units, valued at NGN1.81 billion, and exchanged in 2,974 deals. UNIVINSURE was the most traded stock by volume at 20.04 million units, while GTCO was the most traded stock by value at NGN427.74 million.
Analysing by sectors, the Industrial Goods (+0.9%) and Banking (+0.4%) indices recorded gains, while the Consumer Goods (-0.1%) index declined. The Insurance and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 23 tickers lost relative to 11 gainers. TRANSEXPR (-9.8%) and TRANSCORP (-7.4%) topped the losers’ list, while TRIPPLEG (+9.5%) and INTENEGINS (+9.4%) recorded the highest gains of the day.
CURRENCY
The naira appreciated by 0.1% to NGN461.17/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 10.8%, as the system liquidity closed at a net long position (NGN650.35 billion).
The Nigerian Treasury bills secondary market traded with mixed sentiments, but with a bullish tilt, as the average yield pared by 1bp to 1.6%. Across the curve, the average yield contracted at the short (-3bps) end, following the demand for the 15DTM (-17bps) bill, but was flat at the mid and long segments. However, the average yield expanded by 44bps to 2.1% in the OMO segment.
The Treasury bond secondary market closed on a mixed note, albeit with a bullish bias, as the average yield contracted by 1bp to 12.8%. Across the benchmark curve, the average yield dipped at the short (-2bps) and long (-2bps) ends due to interest on the MAR-2027 (-29bps) and APR-2049 (-8bps) bonds, respectively. Meanwhile, the average yield closed flat at the mid segments.
