January 2, 2023/Cordros Report
EQUITIES
The domestic bourse started the first trading session of the year with bullish sentiments, as bargain hunting in AIRTELAFRI (+6.0%) and BUACEMENT (+5.2%) underpinned a 1.6% increase in the benchmark index. As a result, the All-Share Index closed at 75,990.88 points, with the Year-to-Date settling at +1.6%.
The total volume traded increased by 39.9% to 515.81 million units, valued at NGN5.57 billion, and exchanged in 9,370 deals. MBENEFIT was the most traded stock by volume at 101.63 million units, while AIRTELAFRI was the most traded stock by value at NGN741.78 million.
Across the sectors, the Industrial Goods (+2.1%), Insurance (+0.9%), Consumer Goods (+0.4%) and Oil & Gas (+0.4%) indices recorded gains, while the Banking (-0.3%) index declined.
As measured by market breadth, market sentiment was positive (2.9x), as 49 tickers gained relative to 17 losers. AIICO (+10.0%) and DAARCOMM (+10.0%) recorded the most significant gains of the day, while CADBURY (-10.0%) and MECURE (-10.0%) topped the losers’ list.
CURRENCY
The naira depreciated by 8.2% to NGN988.46/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 48bps to 16.0%, in the absence of any significant outflow from the system.
The Nigerian Treasury bills secondary market traded quietly, as the average yield closed flat at 6.3%. Across the curve, the average yield closed flat at the short end but declined at the mid (-7bps) segment as investors demanded the 177DTM (-44bps) bill. Conversely, the average yield expanded at the long (+5bps) end following the sell-off of the 219DTM (+62bps) bill. Elsewhere, the average yield pared by 1bp to 11.3% in the OMO segment.
Proceedings in the FGN bonds secondary market closed on a calm note, as the average yield remained at 14.1%.
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