February 28, 2023/Cordros Report
EQUITIES
Sentiments remained positive in the local bourse as demand for DANGCEM (+2.2%) underpinned a 0.9% increase in the All-Share Index to 55,806.26 points. Accordingly, the Month-to-Date and Year-to-Date returns advanced to +4.8% and +8.9%, respectively.
The total volume traded increased by 58.4% to 237.17 million units, valued at NGN4.39 billion, and exchanged in 4,435 deals. FIDELITYBK was the most traded stock by volume at 39.98 million units, while DANGCEM was the most traded stock by value at NGN1.58 billion.
Sectoral performance was broadly positive, as the Banking (+1.7%), Industrial Goods (+1.4%), Oil & Gas (+0.4%), and Insurance (+0.3%) indices advanced, while the Consumer Goods (-0.1%) index declined.
As measured by market breadth, market sentiment was largely positive (3.6x), as 36 tickers gained relative to 10 losers. MRS (+10.0%) and STANBIC (+9.9%) recorded the highest gains of the day, while MULTIVERSE (-10.0%) and CWG (-9.1%) topped the losers’ list.
CURRENCY
The naira was flat at NGN462.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 2bps to 10.8%, despite inflows from OMO maturities (NGN5.00 billion).
Trading in the Treasury bills secondary market was muted, as the average yield was unchanged at 4.0%. Similarly, the average yield closed flat at 3.8% in the OMO segment.
In the same vein, proceedings in the FGN bond secondary market were quiet as the average yield closed flat at 13.0%. Across the benchmark curve, the average yield expanded at the short (+3bps) end due to profit-taking activities on the JAN-2026 (+20bps) bond but contracted at the long (-3bps) end as investors demanded the APR-2037 (-9bps) bond. The average yield was unchanged at the mid segment.
