June 19, 2023/Cordros Report
EQUITIES
Activities in the domestic equities market resumed the week slightly positively as gains in DANGCEM (+1.0%) and GTCO (+4.7%) offset the loss in MTNN (-3.3%). Thus, NGX ASI increased marginally by 3bps to close at 59,016.12 points. Accordingly, the Month-to-Date and Year-to-Date gains printed +5.8% and +15.2%, respectively.
The total volume traded increased by 43.5% to 892.95 million units, valued at NGN11.15 billion, and exchanged in 9,274 deals. JAIZBANK was the most traded stock by volume at 139.89 million units, while GTCO was the most traded stock by value at NGN2.65 billion.
Sectoral performance was largely positive, as the Banking (+2.9%), Insurance (+1.2%), Industrial Goods (+0.7%), and Consumer Goods (+0.2%) indices advanced, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (2.0x), as 43 tickers gained relative to 22 losers. TANTALIZER (+10.0%) and UNIVINSURE (+10.0%) recorded the highest gains of the day, while ELLAHLAKES (-10.0%) and JOHNHOLT (-9.6%) topped the gainers’ list.
CURRENCY
The naira depreciated by 13.9% to NGN770.38/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained at 12.1%, as the system liquidity closed at a net long position (NGN711.13 billion).
The Nigerian Treasury bills secondary market traded with bearish sentiments, as the average yield expanded by 32bps to 6.6%. Across the curve, the average yield expanded at the short (+180bps) end following the sell-off of the 66DTM (+379bps) bill; but was unchanged at the mid and long segments.
Proceedings in the Treasury bond secondary market were quiet in anticipation of the outcome of the bond PMA held today. As a result, the average yield closed flat at 13.8%.
