June 27, 2023/Cordros Report
EQUITIES
The local bourse extended yesterday’s positive performance, driven by renewed interest in MTNN (+2.8%). Thus, the All-Share Index advanced by 1.3% to 60,108.86 points. Accordingly, the Month-to-Date and Year-to-Date returns rose to +7.8% and +17.3%, respectively.
The total volume traded increased by 38.2% to 763.70 million units, valued at NGN12.53 billion, and exchanged in 9,463 deals. ACCESSCORP was the most traded stock by volume at 111.67 million units, while GTCO was the most traded stock by value at NGN2.69 billion.
Sectoral performance was broadly positive as the Banking (+3.5%), Oil & Gas (+3.2%), Consumer Goods (+0.4%), Industrial Goods (+0.2%), and Insurance (+0.2%) indices recorded gains.
As measured by market breadth, market sentiment was positive (3.9x), as 51 tickers gained relative to 13 losses. COURTVILLE (+10.0%) and OMATEK (+10.0%) topped the gainers’ list, while REDSTAREX (-10.0%) and CILEASING (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.7% to NGN763.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 66bps to 2.1%, in the absence of any significant inflows into the system.
Activities in the Treasury bills secondary market were quiet, as market participants anticipated this week’s PMA. Thus, the average yield stayed flat at 6.3%.
Meanwhile, the FGN bond secondary market was bullish, as the average yield contracted by 54bps to 13.2%. Across the benchmark curve, the average yield declined at the short (-140bps), mid (-68bps), and long (-11bps) segments as investors demanded the MAR-2025 (-360bps), APR-2029 (-129bps) and JUL-2034 (-55bps) bonds, respectively.
