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Nigeria Macroeconomic Update 2022 Q2 – Navigating through Bumpy Political Season and Tough Economic Headwinds
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Oil Price Falls, OPEC Raises Nigeria’s Production Quota
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Investors Lose N6.83bn as NGXASI Dips Marginally by 0.03%; Open Repo Rate Expands by 0.17% to Close at 14.67%%; IEFX Rate Appreciates to N428.131. EQUITIES
MARKET
1.1 NGX – Listed Equities
Nigerian Equities Market dipped further marginally to close in the negative territory as the bears continue to dominate trading activities while market breadth remained positive.
The NGX All-Share Index dipped by 0.03% to close at 50,582.30 basis points as against 0.06% gain recorded to close at 50,594.97 basis points at the end of the previous trading session. In Naira terms, the NGX Market CAP records N6.83bn loss.
YTD, the NGXASI Stands at +18.41%
The total volume traded advanced by +7.66% to close at 130.45m, valued at N1.62bn and traded in 3,993 deals. AIICO was the most traded stock by volume with 16.32m units traded while MTNN was the most traded stock by value which is put at N403.58m.
Sectoral performance was broadly positive as ten (10) NGX sector index closed northward, five (5) closed southward while three (3) closed flat. The NGX Banking Index inched up by 2.07% to top the gainers while NGX Industrial Index dipped by -1.57% to the losers’ chart.
Dangote index dipped by 0.13% to close at 138.37 basis points while Elumelu index advanced by +1.85% to close at 109.23 basis points.
At the close of trading, market recorded 23 gainers to 16 losers and 57 unchanged. PZ topped the list of gainers while MULTIVERSE topped the list of losers. Thus, market breadth closed positive as the Market Breadth Index (MBI) is put at 0.12x.
Volume and Value Contribution
AIICO led the volume’s chart with 12.51% contribution and closely followed by TRANSCORP and ACCESSCORP
MTNN tops the value’s chart with 24.87% contribution and closely followed by SEPLAT and ZENITHBANK
NGX Corporate News
IEI Plc has announced the takeover of the Company by Norrenberger. Norrenberger has obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the Company. Norrenberger has obtained the final approval of NGX for the block acquisition of 50.6% equity in the first instance while it has commenced the process for the approval of the Nigerian Securities and Exchange Commission for the Mandatory Take Over Bid to be able to acquire the remaining holdings of the Company. Various engagements have been held with the representatives of the Retail Shareholders as well as other Stakeholders towards repositioning the Company.
1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index dipped by 1.85% to close at 761.92 basis points as against 1.06% gain recorded previously to close at 776.30 basis points
The total volume traded advanced by +3256.95% to close at 1.19m units valued at N289.45m and traded in 7 deals.
At the close of trading, NASD OTC market recorded one (1) gainer(s) to one (1) loser(s)
Volume and Value Contribution
SDNDEP led the volume chart with 83.83% contribution while SDNDEP led the value chart with 97.66% contribution
NASD Earnings Summary
No Financial statement was released on the NASD OTC Exchange today.
NASD Corporate News
No Corporate News was released on the NASD OTC Exchange today.
1.3 Global Indices
On the global scene, the Brazil Bovespa Index leads the top five gainers with 2.18% gain while the Chile IPSA Index tops the top five losers with -0.77% loss as of 4pm Nigerian Time
1.4 African Indices
Similarly, on the African scene, the Egypt EGX 30 ASI tops the top five gainers with 5.28% gain while the Zimbabwe All Share Index tops the top five losers with -1.11% loss as of 4pm Nigerian Time
- BONDS AND FIXED INCOME MARKETS
2.1 Debt Market Size
The FMDQ Debt Market Size was not available as of the time of finalising this report.
2.2 Overnight and Open Repo (OPR)
The overnight lending rate closed flat at 15.00% while the Open Repo (OPR) rate also expanded by 0.17% to close at 14.67%
3.1 AFEX Indices
The AFEX ACI closed flat at 458.13 points while the AEI also closed flat at 188.96 points
3.2 AFEX Commodity Prices
Paddy Rice declined by -0.48% to top the losers’ chart while other commodities closed flat.
3.3 Global Commodity Prices
Gold recorded 1.48% gain while Silver also advanced by 0.85% as of 12:39 NY time
In the energy market, Brent declined by 3.08% while WTI also declined by 2.87% as of 11:42AM Central Daylight Time (CDT)
The naira closed appreciated by 0.25% at the I&E FX Window to close at N428.13/USD while the NAFEX rate depreciated by 0.19% to close at N428.00
