March 14, 2023/Cordros Report
EQUITIES
The local bourse ended today’s trading session lower as investors sold off GTCO (-3.1%). Thus, the All-Share Index declined by 0.1% to 55,722.90 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -0.2% and +8.7%, respectively.
The total volume traded increased by 11.3% to 199.27 million units, valued at NGN2.81 billion, and exchanged in 3,898 deals. STERLNBANK was the most traded stock by volume at 31.09 million units, while AIRTELAFRI was the most traded stock by value at NGN678.00 million.
Sectoral performance was broadly negative, as the Insurance (-1.9%), Banking (-0.2%), and Industrial Goods (-0.1%) indices printed losses, while the Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 17 tickers lost relative to 9 gainers. CHAMS (-8.0%) and PRESTIGE (-7.3%) topped the losers’ list, while ENAMELWA (+9.6%) and FTNCOCOA (+7.7%) recorded the highest gains of the day.
CURRENCY
The naira appreciated by 0.1% to NGN461.42/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 19bps to 11.0%, in the absence of any significant outflow from the system.
The Treasury bills secondary market closed on a bearish note, as the average yield expanded by 77bps to 4.4%. Across the curve, the average yield was flat at the short and mid segments but expanded at the long (+121bps) end due to the sell-off of the 345DTM (+10.92ppts). Elsewhere, the average yield was flat at 3.0% in the OMO segment.
Meanwhile, activities in the FGN bond secondary market were quiet, as the average yield closed flat at 12.8%.
