March 23, 2023/Cordros Report
EQUITIES
The domestic equities market reversed yesterday’s gains as late profit-taking activities witnessed in ACCESSCORP (-2.3%) drove the All-Share Index 2bps lower to 54,924.08 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -1.6% and +7.2%, respectively.
The total volume traded declined by 12.2% to 117.85 million units, valued at NGN1.40 billion, and exchanged in 2,575 deals. TRANSCORP was the most traded stock by volume at NGN23.40 million, while MTNN was the most traded stock by value at NGN370.21 million.
Analysing by sectors, the Banking (-0.5%), and Insurance (-0.4%) indices closed in the red, while the Oil & Gas, Industrial Goods, and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 17 tickers lost relative to 14 gainers. NCR (-10.0%) and LINKASSURE (-8.7%) recorded the most significant losses of the day, while SUNUASSUR (+9.1%) and TRANSCOHOT (+8.3%) topped the gainer’s list.
CURRENCY
The naira was flat at NGN461.67/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 25bps to 19.0%, despite the inflow from FGN bonds coupon payment (NGN23.14 billion).
Trading activities in the Treasury bills secondary market were muted, as the average yield was unchanged at 5.7%. Elsewhere, the average yield expanded by 101bps to 4.0% in the OMO segment.
The Nigerian bonds secondary market traded with mixed sentiments, albeit with a bullish bias, as the average yield pared by 1bp to 12.9%. Across the benchmark curve, the average yield expanded at the short (+1bp) end following the sell-off of the JAN-2026 (+7bps) bond but contracted at the long (-2bps) end as investors demanded the APR-2049 (-7bps) bond. Meanwhile, the average yield was flat at the mid-segment.
