March 27, 2023/Cordros Report
EQUITIES
Activities in the Nigerian equities market picked up from where they left off last week as sell pressures on MTNN (-1.3%) and AIRTELAFRI (-8.3%) triggered the biggest single-day loss since 19 October 2022 (-2.3%). Thus, the All-Share Index plummeted by 2.1% to 53,750.77 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -3.7% and +4.9%, respectively.
The total volume traded declined by 26.7% to 100.88 million units, valued at NGN4.34 billion, and exchanged in 3,279 deals. GTCO was the most traded stock by volume at NGN12.84 million, while MTNN was the most traded stock by value at NGN1.93 billion.
Sectoral performance was broadly negative, as losses in the Oil & Gas (-2.0%), Consumer Goods (-0.9%), Insurance (-0.6%), Banking (-0.2%), and Industrial Goods (-0.1%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was negative (0.2x), as 21 tickers lost relative to 5 gainers. NCR (-9.8%) and UNITYBNK (-9.4%) topped the losers’ list, while COURTVILLE (+6.7%) and NPFMCRFBK (+2.7%) recorded the highest gains of the day.
CURRENCY
The naira was flat at NGN461.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 125bps to 17.6%, following the inflow from FGN bond coupon payment (NGN130.12 billion).
Trading in the Treasury bill secondary market trading was quiet, as the average yield closed flat at 5.8%. Similarly, the average yield was flat at 4.0% in the OMO segment.
Proceedings in the Treasury bond market were mixed, albeit with a bullish tilt, as the average yield pared by 1bp to 12.9%. Across the benchmark curve, the average yield contracted at the short (-1bp) end following mild interest in the MAR-2024 (-4bps) bond. The average yield closed flat at the mid and long segments.
