April 19, 2023/Cordros Report
EQUITIES
The domestic equities market closed marginally higher in today’s trading session, following bargain hunting in TRANSCORP (+9.9%), INTBREW (+6.7%) and STANBIC (+3.2%). Thus, the NGX ASI inched higher by 8bps to 51,178.41 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -5.6% and -0.1%, respectively.
The total volume traded declined by 30.1% to 1.27 billion units, valued at NGN3.98 billion, and exchanged in 3,505 deals. TRANSCORP remained the most traded stock by volume and value at 1.14 billion units and NGN2.14 billion, respectively.
Performance across sectors were largely positive, as the Banking (+0.8%), Insurance (+0.7%), Consumer Goods (+0.1), and Oil and Gas (+0.1%) indices posted gains, while the Industrial Goods (-0.1%) index declined.
As measured by market breadth, market sentiment was positive (3.1x), as 25 tickers gained while 8 tickers lost. TRANSCORP (+9.9%) and INTBREW (+6.7%) topped the gainers’ list, while FTNCOCOA (-3.9%) and PRESTIGE (-2.5%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.2% to close at NGN462.50/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 (NGN782.03 billion).
Cautious trading persisted in the NTB secondary market, as the average yield was flat at 8.8%. Elsewhere, the average yield stayed flat at 4.0% in the OMO segment.
The FGN bond secondary market traded with mixed sentiments, as the average yield was unchanged at 13.9%. Across the benchmark curve, the average yield contracted at the short (-1bp) end, following buying interest in the JAN-2026 (-23bps) bond. Conversely, the average yield closed flat at the mid and long segments.
