September 13, 2023/Cordros Report
EQUITIES
Bullish sentiments resurfaced in the domestic equities market as bargain-hunting on DANGSUGAR (+10.0%) and GTCO (+6.0%) triggered a 0.9% gain in the All-Share Index to 67,378.88 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +1.3% and +31.5%, respectively.
The total volume of trade declined by 11.8% to 569.63 million units, valued at NGN8.70 billion, and exchanged in 8,404 deals. OANDO was the most traded stock by volume and value at 143.45 million units and NGN1.40 billion, respectively.
On sectors, the Banking (+4.6%), Insurance (+2.3%), and Consumer Goods (+1.3%) indices recorded gains, while the Oil & Gas (-0.1%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.5x), as 34 tickers gained relative to 23 losers. DANGSUGAR (+10.0%) and NASCON (+10.0%) topped the gainers’ list, while COURTVILLE (-10.0%) and ABCTRANS (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 2.1% to NGN758.12/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 90bps to 23.7%, in the absence of any significant outflow from the system.
The NTB secondary market traded mixed but with a bearish bias, as the average yield increased slightly by 1bp to 8.0%. Across the curve, the average yield closed flat at the short and mid segments but expanded at the long (+1bp) end following profit-taking on the 330DTM (+31bps) bill. Meanwhile, the average yield remained at 13.3% in the OMO segment.
Proceedings in the FGN bond secondary market were bullish, as the average yield contracted by 3bps to 14.3%. Across the benchmark curve, the average yield declined at the short (-12bps) end as investors demanded the MAR-2024 (-61bps) bond but was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
