September 14, 2023/Cordros Report
EQUITIES
The local bourse reversed yesterday’s gains as the NGX ASI declined by 0.1% to close at 67,335.30 points. Today’s market performance was undermined by sell pressures on some tier 1 banking names, GTCO (-3.0%) and ZENITH (-2.5%). Thus, the MTD and YTD gains printed +1.2% and +31.4%, respectively.
The total volume traded increased by 38.4% to 788.54 million units, valued at NGN14.17 billion, and exchanged in 8,810 deals. UBA was the most traded stock by volume and value at 301.03 million units and NGN4.89 billion, respectively.
Analysing by sectors, the Banking (+0.7%), Insurance (+0.5%), and Industrial Goods (+0.1%) indices advanced, while the Consumer Goods (-0.3%) index declined. Meanwhile, the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.0x), as 26 tickers gained relative to 25 losers. CHELLARAM (+10.0%) and LEARNAFRCA (+10.0%) recorded the most significant gains, while ETRANZACT (-10.0%) and IKEJAHOTEL (-9.8%) topped the losers’ list.
CURRENCY
The naira depreciated by 2.8% to NGN780.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 5bps to 23.8%, in the absence of any significant funding pressure on the system.
Trading activities in the Nigerian Treasury bills secondary market were quiet, as the average yield remained at 8.0%. Similarly, the average yield was unchanged at 13.3% in the OMO segment.
The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 8bps to 14.3%. Across the benchmark curve, the average yield expanded at the short (+33bps) end as market participants sold off the MAR-2025 (+153bps) bond, but contracted at the mid (-2bps) and long (-1bp) segments following bargain hunting for the APR-2029 (-4bps) and APR-2037 (-7bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
