March 30, 2023/Cordros Report
EQUITIES
The Nigerian equities market extended yesterday’s bullish performance inspired by bargain-hunting in MTNN (+8.9%). As a result, the All-Share Index advanced by 1.5% to close at 54,413.21 points. Consequently, the Month-to-Date and Year-to-Date returns printed -2.5%, and +6.2%, respectively.
The total volume traded increased by 312.4% to 973.64 million units, valued at NGN4.23 billion, and exchanged in 3,718 deals. TRANSCORP was the most traded stock by volume at 455.53 million units, while LIVINGTRUST was the most traded stock by value at NGN775.17 million.
Analysing by sectors, the Banking (+1.0%), and Insurance (+0.6%) indices recorded gains, while the Industrial Goods, Oil & Gas, and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was positive (2.3x), as 23 tickers gained relative to 10 losers. OANDO (+10.0%) and SUNUASSUR (+9.1%) topped the gainers’ list, while PZ (-5.9%) and CHAMS (-4.2%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 0.1% to NGN461.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 25bps to 18.8%, in the absence of any significant funding pressure on the system.
The Nigerian Treasury bills secondary market traded with bearish sentiments, as the average yield expanded by 4bps to 5.9%. Across the curve, the average yield closed flat at the short and mid segments but expanded at the long (+7bps) end due to the selloff of the 343DTM (+54bps) bill. Elsewhere, the average yield was unchanged at 4.0% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish, as the average yield expanded by 14bps to 13.2%. Across the benchmark curve, the average yield expanded at the short (+6bps), mid (+22bps), and long (+16bps) segments as market players sold off the MAR-2024 (+43bps) bond, APR-2032 (+47bps), and APR-2049 (+40bps) bonds, respectively.
