April 12, 2023/Cordros Report
EQUITIES
The domestic bourse traded with mixed sentiments as buying interests in INTBREW (+7.4%) and DANGSUGAR (+1.5%) offset losses in UBA (-1.2%) and FBNH (-0.9%). Thus, the All-Share Index closed flat at 51,953.41 points, with the Month-to-Date and Year-to-Date returns unchanged at -4.2% and +1.4%, respectively.
The total volume traded declined by 85.2% to 255.16 million units, valued at NGN1.79 billion, and exchanged in 3,890 deals. TRANSCORP was the most traded stock by volume at 117.53 million units, while ZENITHBANK was the most traded stock by value at NGN290.04 million.
Analysing by sectors, the Insurance (+0.3%) and Consumer Goods (+0.2%) indices recorded gains, while the Industrial Goods and Oil & Gas indices closed flat. The Banking (-0.1%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.5x), as 17 tickers gained relative to 11 losers. SKYAVN (+10.0%) and ABCTRANS (+9.7%) topped the gainers’ list, while ROYALEX (-10.0%) and CHAMPION (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 0.2% to NGN463.67/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 19.0%, as system liquidity closed in a net short position (NGN51.66 billion).
The NTB secondary market traded quietly, as participants stayed on the sideline in anticipation of today’s auction results. Thus, the average yield remained at 8.8%. Likewise, the average yield closed flat at 4.0% in the OMO segment.
Trading in the FGN bond secondary market was bearish, as the average yield expanded by 6bps to 13.5%. Across the benchmark curve, the average yield expanded at the short (+18bps) end as investors sold off the JAN-2026 (+60bps) bond but declined at the long (-2bps) end due to the demand for the APR-2049 (-9bps) bond. Meanwhile, the average yield was flat at the mid segment.
