DAILY MARKET REPORT - WEDNESDAY, SEPTEMBER 29 2021

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EQUITIES MARKET

At the close of trade today, the local bourse recorded a positive performance following the rally in FBNH (+6.62%), DANGCEM (+6.53%) and NESTLE (+6.36%). As a result, the benchmark Index was rose by 189bps to settle at 39,592.29 basis points. Accordingly, YtD loss strengthened to -1.68%. Investors' sentiments was positive with 24 gainers against 14 losers. NNFM (+6.88%), FBNH (+6.62%) and DANGCEM (+6.53%) led the gainers, while MANSARD (-10.00%), JBERGER (-10.00%) and VANLEER (-9.92%) led the losers.

On a sectoral basis, the Industrial, Consumer and Banking Indices rose by 3.57%, 3.13% and 0.80% due to buying interest in DANGCEM (+6.53%), NESTLE (+6.36%) and ZENITHBANK (+0.86%) respectively. On the flip side, the Insurance and Oil & Gas indices lost 2.02% and 0.20% respectively - supported by sell-offs in MANSARD (-10.00%) and OANDO (-0.95%).

Activity levels was mixed as 474.37mn shares (-9.87%) valued at N4.01bn (+31.57%) were traded in 3,547 deals. FBNH (+6.62%) was the most actively traded stock in volume and value with about 265million units of shares worth N2.05billion.


Going forward, we expect equity market performance to be influenced by the direction of yields in the fixed income space. The recently issued Eurobond and IMF's SDR facility lend short term comfort to the Naira as well as suggests possible moderation in yields as we go further into the year. All of these may bode well for the equity market, most especially fundamentally sound names. Nevertheless, the weak macro story remains a significant drawback.

FOREIGN EXCHANGE MARKET
In the foreign exchange market, the NGN depreciated by 0.06% against the USD to close at N414.73/$ in the IEFX window.


FIXED INCOME MARKET

Overnight and Open Buy Back lending rate contracted by 300bps and 350bps to close today's trading session at 10.75% and 9.50% respectively.

Trading in the bond market was bullish, as the average yield contracted by 2bps to 11.20%. The was mostly felt at the short-end of the curve as investors demanded for the JAN-22 (-38bps), APR-23 (-1bps) and MAR-23 (-1bps) bonds respectively.

The NTB secondary market maintained its bullish sentiments, as the average yields contracted by 28bps to 5.29%. Across the benchmark, average yield expanded mostly at the mid-end of the curve as investors demand for the 183DTM (-126bps), 169DTM (-108bps) and 162DTM (-100bps) bills respectively.
Regards,
EDC Securities Research Team


 

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