July 11, 2023/Cordros Report
EQUITIES
The local bourse sustained its bullish sentiments as buying interests in DANGCEM (+9.3%), and BUACEMENT (+6.6%) drove a 1.7% increase in the benchmark index. As a result, the NGX ASI settled at 65,669.29 points, with the Month-to-Date and Year-to-Date returns increasing to +7.7% and +28.1%, respectively.
The total volume traded declined by 54.1% to 844.72 million units, valued at NGN9.41 billion, and exchanged in 8,922 deals. CHAMS was the most traded stock by volume at 91.71 million units, while GTCO was the most traded stock by value at NGN1.09 billion.
Sectoral performance was mixed, as the Industrial Goods (+7.5%) and Oil & Gas (+0.7%) indices recorded gains, while the Banking (-3.1%), Insurance (-2.4%), and Consumer Goods (-0.4%) indices printed losses.
As measured by market breadth, market sentiment was positive (1.1x), as 38 tickers gained relative to 34 losers. OMATEK (+10.0%) and SOVRENINS (+10.0%) topped the gainer’s list, while CHIPLC (-10.0%) and CHAMPION (+9.9%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 5.6% to NGN788.42/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 8bps to 1.3%, in the absence of any significant inflow into the system.
The Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 2bps to 6.3%. Across the curve, the average yield closed flat at the short and mid segments but contracted at the long (-3bps) end, following interests on the 352DTM (-34bps) bill.
Likewise, the Treasury bond secondary market traded with bullish sentiments, as the average yield contracted by 23bps to 12.8%. Across the benchmark curve, the average yield contracted at the short (-3bps), mid (-7bps), and long (-36bps) segments as investors demanded the MAR-2024 (-13bps), APR-2032 (-16bps), and MAR-2035 (-96bps) bonds, respectively.
