September 12, 2023/Cordros Report
EQUITIES
The local bourse sustained yesterday’s negative sentiments following the losses in MTNN (-1.5%) and DANGSUGAR (-10.0%). As a result, the NGX ASI dipped further by 0.8% to close at 66,760.20 points. Thus, the MTD and YTD gains moderated to +0.3% and +30.3%, respectively.
The total volume traded increased by 24.1% to 645.54 million units, valued at NGN11.01 billion, and exchanged in 10,554 deals. TRANSCORP was the most traded stock by volume at 87.82 million units, while DANGSUGAR was the most traded stock by value at NGN1.37 billion.
Analysing by sectors, the Banking (-2.6%), Insurance (-2.3%), and Consumer Goods (-1.7%) indices declined, while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.4x), as 45 tickers lost relative to 16 gainers. REGALINS (-10.0%) and ETRANZACT (-10.0%) topped the losers’ list, while CHELLARAM (+10.0%) and CWG (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 4.2% to NGN742.10/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 197bps to 22.8%, following the settlements for yesterday’s FGN bond auction (NGN251.50 billion).
Activities in the NTB secondary market were bearish, as the average yield expanded by 5bps to 8.0%. Across the curve, the average yield was unchanged at the short end but expanded at the mid (+9bps) and long (+5bps) segments following selloffs of the 163DTM (+35bps) and 317DTM (+68bps) bills, respectively. Elsewhere, the average yield was flat at 13.3% in the OMO segment.
Similarly, the Treasury bond secondary market was bearish, as the average yield expanded by 14bps to 14.3%. Across the benchmark curve, the average yield closed flat at the short end but increased at the mid (+12bps) and long (+22bps) segments due to profit-taking activities on the APR-2029 (+28bps) and MAR-2050 (+45bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
