August 10, 2023/Cordros Report
EQUITIES
The local bourse reversed yesterday’s loss, as renewed interest in DANGCEM (+9.3%) triggered a 1.6% gain in the benchmark index. Thus, the All-Share Index closed at 65,204.82 points, with the MTD and YTD returns increasing to +1.4% and +27.2%, respectively.
The total volume traded increased by 51.7% to 361.20 million units, valued at NGN5.74 billion, and exchanged in 5,531 deals. FBNH was the most traded stock by volume and value at NGN140.18 million and NGN2.61 billion, respectively.
Sectoral performance was mixed, as the Industrial Goods (+4.8%), Insurance (+0.6%) and Banking (+0.2%) indices posted gains, while Consumer Goods (-0.6%) index declined. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.4x), as 23 tickers gained relative to 17 losers. CHELLARAM (+10.0%) and SCOA (+9.4%) recorded the most significant gains of the day, while CAP (-10.0%) and ACADEMY (-9.4%) topped the losers’ list.
CURRENCY
The naira appreciated by 0.1% to NGN781.34/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 27bps to 3.4%, in the absence of any significant inflows into the system.
The NTB secondary market traded quietly as the average yield was unchanged at 7.3%.
The FGN bond secondary market traded with bearish sentiments, as the average yield expanded by 2bps to 13.5%. Across the benchmark curve, the average yield expanded at the short (+4bps) and mid (+4bps) segments following profit-taking on the JAN-2026 (+19bps) and APR-2029 (+10bps) bonds, respectively. Conversely, the average yield closed flat at the long end.
