May 16, 2023/Cordros Report
EQUITIES
The Nigerian equities market sustained the momentum from yesterday, as buying interests in NB (+10.0%) and GTCO (+4.2%) spurred a 0.4% increase in the All-Share Index to 52,419.33 points. Accordingly, the Month-to-Date return closed flat while the Year-to-Date gain increased to +2.3%.
The total volume of trades declined by 7.9% to 576.85 million units, valued at NGN6.79 billion, and exchanged in 6,143 deals. UBA was the most traded stock by volume at 94.31 million units, while ZENITHBANK was the most traded stock by value at NGN1.40 billion.
Sectoral performance was broadly positive, as the Insurance (+3.2%), Banking (+1.1%), Consumer Goods (+0.9%), and Industrial Goods (+0.1%) indices recorded gains. Conversely, the Oil & Gas (-0.7%) index closed in the red.
As measured by market breadth, market sentiment was positive (1.4x), as 26 tickers gained relative to 19 losers. NB (+10.0%) and FTNCOCOA (+9.7%) recorded the highest gains of the day, while CWG (-9.6%) and COURTVILLE (-6.5%) topped the loser’s list.
CURRENCY
The naira depreciated by 0.1% to NGN464.67/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 25bps to 14.1%, as system liquidity declined by NGN35.05 billion to NGN34.77 billion.
The Treasury bills secondary market traded quietly, as the average yield was unchanged at 6.7%.
Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 6bps to 14.0%. Across the benchmark curve, the average yield contracted at the short (-2bps) end as investors demanded the JAN-2026 (-51bps) bond; but expanded at the long (+13bps) end following sell-offs of the APR-2037 (+42bps) bond. Elsewhere, the average yield closed flat at the mid-segment.
