March 9, 2023/Cordros Report
EQUITIES
The Nigeria equities market traded marginally higher, as the NGX ASI notched a 4bps gain to close at 55,822.14 points. Today’s performance was supported by buying interest in DANGCEM (+1.1%). Accordingly, the Year-to-Date return was flat at +8.9%.
The total volume traded increased by 103.9% to 311.48 million units, valued at NGN3.09 billion, and exchanged in 3,627 deals. TRANSCORP was the most traded stock by volume at 179.84 million units, while GTCO was the most traded stock by value at NGN1.10 billion.
On sectors, the Oil & Gas (-2.0%), and Insurance (-0.5%) indices printed losses, while the Industrial Goods (+0.5%) index advanced. On the other hand, the Banking and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 19 tickers lost relative to 12 gainers. CONOIL (-9.9%) and NCR (-9.9%) topped the losers’ list, while TRANSCORP (+8.7%) and ROYALEX (+5.6%) recorded the highest gains of the day.
CURRENCY
The naira appreciated by 0.1% to NGN461.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 14bps to 10.9%, following the inflow from net NTB maturities (NGN100.00 billion).
Quiet trading continued in the NTB secondary market, as the average yield closed flat at 3.7%. Similarly, the average yield was flat at 3.0% in the OMO segment.
Sentiments in the Treasury bonds secondary market remained bullish, as the average yield contracted by 9bps to 12.8%. Across the benchmark curve, the average yield dipped at the short (-18bps) and long (-4bps) ends following buying interests on the MAR-2027 (-56bps) and APR-2037 (-17bps) bonds, respectively. Conversely, the average yield closed flat at the mid segment.
