April 26, 2023/Cordros Report
EQUITIES
The Nigerian equities market sustained its bullish momentum in today’s trading, as buying interests in AIRTELAFRI (+4.3%) spurred a 1.0% gain in the All-Share Index to close at 52,097.62 points. Consequently, the Month-to-Date and Year-to-Date returns printed -3.9% and +1.7%, respectively.
The total volume traded increased by 209.9% to 6.48 billion units, valued at NGN19.47 billion, and exchanged in 5,109 deals. TRANSCORP sustained its position as the most traded stock by volume and value at 6.13 billion units and NGN15.57 billion, respectively.
Analyzing by sectors, the Insurance (+0.9%) and Industrial Goods (+0.2%) indices advanced, the Banking (-0.1%) index declined while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (5.7x), as 40 tickers gained relative to 7 losers. LIVESTOCK (+10.0%) and ACADEMY (+10.0%) recorded the most significant gains of the day, while FIDELITYBK (-6.6%) and FIDSON (-5.6%) topped the losers’ list.
CURRENCY
The naira appreciated by 0.3% to NGN462.13/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 375bps to 11.5%, following the inflow from FGN bond coupon payment (NGN174.86 billion).
The Treasury bills secondary market was quiet, with market participants anticipating Wednesday’s PMA. Thus, the average yield closed flat at 9.0%.
Activities in the FGN bond secondary market were bullish, as the average yield contracted by 8bps to 13.6%. Across the benchmark curve, the average yield contracted at the short (-12bps) and long (-8bps) ends as investors demanded the MAR-2027 (-70bps) and APR-2049 (-31bps) bonds, respectively. The average yield was unchanged at the mid segment.
