September 18, 2023/Cordros Report
EQUITIES
The local bourse saw a positive start to the week as bargain-hunting in STANBIC (+9.6%) and AIRTELAFRI (+1.6%) drove a 0.7% increase in the All-Share Index to 67,877.17 points. Thus, the Month-to-Date and Year-to-Date returns advanced to +2.0% and +32.4%, respectively.
The total volume traded increased by 26.0% to 515.28 million units, valued at NGN8.93 billion, and exchanged in 8,357 deals. UBA was the most traded stock by volume at 109.47 million units, while AIRTELAFRI was the most traded stock by value at NGN2.72 billion.
On Sectors, the Banking (+1.4%), Consumer Goods (+0.2%), and Insurance (+0.1%) indices recorded gains, while the Oil & Gas (-0.4%) and Industrial Goods (-0.1%) indices settled lower.
As measured by market breadth, market sentiment was positive (1.1x), as 29 tickers gained relative to 26 losses. NNFM (+10.0%) and OANDO (+10.0%) topped the gainers’ list, while OMATEK (-10.0%) and SKYAVN (-10.0%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 2.2% to NGN773.98/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted significantly by 771bps to 16.7%, following the inflows from FGN bond coupon payments (NGN134.70 billion).
The Treasury bills secondary market activities were bullish, as the average yield declined by 11bps to 7.9%. Across the curve, the average yield declined at the short (-111bps) end as participants demanded the 66DTM (-138bps) bill but expanded at the mid (+38bps) and long (+2bps) segments due to the sell-off of the 178DTM (+85bps) and 192DTM (+72bps) bills, respectively. Elsewhere, the average yield expanded by 14bps to 13.4% in the OMO segment.
Trading in the FGN bond secondary market was bearish, as the average yield expanded by 4bps to 14.4%. Across the benchmark curve, the average yield advanced at the short (+19bps) end due to the sell-off of the MAR-2024 (+84bps) but dipped at the mid (-1bp) and long (-2bps) segments following the demand for the APR-2029 (-4bps) and JUN-2053 (-21bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
