DAILY MARKET REPORT - TUESDAY, OCTOBER 5 2021

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EQUITIES MARKET


The Nigerian bourse closed in the green at the end of today's trading session, up by 1.18% to 40,717pts. The positive performance was supported by gains in bluechip names like FBNH (+9.8%), AIRTELAFRI (+6.3%) and ZENITH (+1.7%). On a return basis, FBNH (+9.8%), PHARMDEKO (+9.7%), COURTVILLE (+7.89%) and LEARNAFRCA (+7.64%) topped the gainers list while UPL (-9.6%), REGALINS (-8.9%) INTBREW (-6.3%) and PZ (-5.2%) led the losers' chart. Accordingly, YtD return turned positive, up by 1.11%. 


Sectoral performance was mixed with Banking (+2.5%) and Oil & Gas (+0.8%) closing positive while Insurance (-1.1%) and Consumer Goods (-0.4%) printed in red with Industrial closing flat.


 


Activity levels increased significantly as total volume of trades rose by 114.0% to 432.99 million units, valued at NGN3.13 billion. UNIVINSURE was the most traded stock by volume at 105.11 million units while GTCO was the most traded stock by value at NGN721.39 million.


 


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 0.18% against the USD to close at N414.30/$ in the IEFX window. Similarly, turnover declined by 22.9% to $108.8million.


 


FIXED INCOME MARKET


Overnight and Open Buy Back lending rate declined by 388bps and 333bps to 6.87% and 6.17% respectively at the close of today's trading session.


 


Trading in the bond market was negative, as the average yield increased by 3bps to 11.18%. The selloff was mostly felt at the mid to long end of the curve particularly on the JUL-34 (+23bps), MAR-36 (+22bps) and APR-37 (+20bps) bonds respectively.


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