March 29, 2023/Cordros Report
EQUITIES
The Nigerian equities market recorded its first positive performance this week as buying interest in DANGCEM (+5.1%) drove the All-Share Index 0.9% higher to 53,603.80 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -4.0% and +4.6%, respectively.
The total volume traded increased by 16.4% to 236.07 million units, valued at NGN3.26 billion, and exchanged in 3,907 deals. TRANSCORP was the most traded stock by volume at NGN91.39 million, while ZENITHBANK was the most traded stock by value at NGN696.21 million.
Sectoral performance was mixed, as the Industrial Goods (+2.7%), Banking (+2.0%) and Consumer Goods (+0.1%) indices advanced, while the Oil & Gas index closed flat. The Insurance (-0.8%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.6x), as 22 tickers gained relative to 14 losers. OANDO (+9.8%) and CAVERTON (+8.1%) recorded the highest gains of the day, while MAYBAKER (-8.7%) and CHIPLC (-8.1%) topped the losers’ list.
CURRENCY
The naira appreciated by 0.1% to NGN461.24/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 100bps to 19.0%, in the absence of any significant funding pressures on the system.
Activities in the Treasury bills secondary market were quiet, as the average yield closed flat at 5.8%. Similarly, the average yield was unchanged at 4.0% in the OMO segment.
In the same vein, the Treasury bond secondary market traded on a calm note, as the average yield stayed flat at 13.0%. Across the benchmark curve, the average yield pared at the short (-1bp) end as investors demanded the MAR-2024 (-2bps) bond. The average yield was unchanged at the mid and long segments.
