May 2, 2023/Cordros Report
EQUITIES
The bears dominated activities on the local bourse as sell pressures on GEREGU (-10.0%) and GTCO (-8.5%) stocks triggered a 0.2% decline in the benchmark index. Thus, the NGX ASI settled at 52,296.48 points. Consequently, the Year-to-Date return printed +2.0%.
The total volume traded declined by 82.4% to 550.29 million units, valued at NGN5.15 billion, and exchanged in 6,250 deals. ACCESSCORP was the most traded stock by volume and value at 150.07 million units and NGN1.57 billion, respectively.
On sectors, the Banking (+2.8%), Insurance (+1.3%), Oil & Gas (+1.1%), and Consumer Goods (+0.3%) indices recorded gains, while the Industrial Goods (-0.1%) index declined.
As measured by market breadth, market sentiment was positive (1.3x), as 30 tickers gained relative to 23 losers. UBN (+10.0%) and CONOIL (+10.0%) recorded the highest gains of the day, while GEREGU (-10.0%) and TRANSCORP (-10.0%) topped the losers’ list.
CURRENCY
The naira appreciated by 0.1% to NGN442.33/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 175bps to 11.4%, following the inflow from OMO maturities (NGN50.00 billion).
The NTB secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 7.3%. Across the curve, the average yield closed flat at the short and mid segments but contracted at the long (-1bp) end following mild interest in the 331DTM (-2bps) bill.
In the same vein, the Treasury bond secondary market traded with bullish sentiments, as the average yield contracted by 2bps to 14.0%. Across the benchmark curve, the average yield dipped at the short (-4bps) and mid (-5bps) segments as investors demanded the MAR-2024 (-11bps) and APR-2029 (-9bps) bonds, respectively. Meanwhile, the average yield closed flat at the long end.
