April 13, 2023/Cordros Report
EQUITIES
The Nigerian stock market traded with bearish sentiments as profit-taking activities in ZENITHBANK (-1.8%) and FBNH (-0.9%) triggered a 2bps decline in the benchmark index. Precisely, the All-Share Index settled at 51,944.58 points. Accordingly, the Month-to-Date and Year-to-Date returns were flat at -4.2% and +1.4%, respectively.
The total volume traded increased by 18.7% to 302.92 million units, valued at NGN2.02 billion, and exchanged in 3,743 deals. TRANSCORP was the most traded stock by volume at 107.21 million units, while ZENITHBANK was the most traded stock by value at NGN521.29 million.
Performance across sectors were mixed, as the Banking (-1.1%) and Insurance (-0.3%) indices declined, while the Industrial Goods (+0.2%) and Consumer Goods (+0.1%) indices advanced. On the other hand, the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 21 tickers lost relative to 18 gainers. MAYBAKER (-10.0%) and IKEJAHOTEL (-9.2%) recorded the most significant losses of the day, while TRANSCORP (+10.0%) and WAPIC (+7.7%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.2% to NGN462.83/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 19.0%, as system liquidity remained in a net short position (NGN183.18 billion).
Cautious trading persisted in the Nigerian Treasury bills secondary market as the average yield was unchanged at 8.8%. Similarly, the average yield was flat at 4.0% in the OMO segment.
In the same vein, the FGN bonds secondary market traded with mixed sentiments, as the average yield remained at 13.5%. Across the benchmark curve, the average yield pared at the short (-1bp) and long (-1bp) ends following mild interests in the MAR-2024 (-3bps) and MAR-2050 (-2bps) bonds, respectively. The average yield closed flat at the mid segment.
