September 11, 2023/Cordros Report
EQUITIES
Trading in the Nigerian stock market started the week with bearish sentiments as profit-taking activities in GTCO (-8.6%), DANGSUGAR (-10.0%), and ZENITHBANK (-5.8%) undermined the market’s performance. Precisely, the All-Share Index declined by 1.2% to 67,296.18 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at +1.1% and +31.3%, respectively.
The total volume traded increased by 7.6% to 520.13 million units, valued at NGN8.33 billion, and exchanged in 9,914 deals. UBA was the most traded stock by volume at 73.93 million units, while ZENITHBANK was the most traded stock by value at NGN1.52 billion.
From a sectoral perspective, losses in the Banking (-6.1%), Insurance (-2.1%), Consumer Goods (-1.5%), Industrial Goods (-0.3%), and Oil & Gas (-0.1%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was negative (0.4x), as 43 tickers lost relative to 16 gainers. ETRANZACT (-10.0%) and NASCON (-10.0%) recorded the highest losses of the day, while NNFM (+10.0%) and OANDO (+9.7%) topped the gainers’ list.
CURRENCY
The naira depreciated by 6.6% to NGN773.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 208bps to 20.8%, in the absence of any significant funding pressure on the system.
The Nigerian Treasury bills secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 7.9%. Across the curve, the average yield closed flat at the short end but declined at the mid (-1bp) and long (-1bp) segments, following demand for the 178DTM (-4bps) and 346DTM (-2bps) bills, respectively. Similarly, the average yield pared by 1bp to 13.3% in the OMO segment.
Trading in the FGN bonds secondary market was mixed, as the average yield was unchanged at 14.2%. Across the benchmark curve, the average yield pared at the short (-1bp) end as investors demanded the MAR-2024 (-3bps) bond. Meanwhile, the average yield was flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
