September 21, 2023/Cordros Report
EQUITIES
Bearish sentiments continued in the Nigerian equities market following sell pressures on MTNN (-0.4%) and OANDO (-9.9%). As a result, the All-Share Index declined by 0.1% to close at 68,271.14 points. Consequently, the Month-to-Date and Year-to-Date returns printed +2.6% and +33.2%, respectively.
The total volume traded increased by 101.0% to 1.12 billion units, valued at NGN5.82 billion, and exchanged in 7,949 deals. UNIVINSURE was the most traded stock by volume at 669.01 million units, while OANDO was the most traded stock by value at NGN1.46 billion.
Sectoral performance was mixed, as the Insurance (+0.3%), Oil & Gas (+0.2%), and Consumer Goods (+0.1%) indices recorded gains while the Industrial Goods index closed flat. The Banking (-0.5%) index was the sole loser of the day.
As measured by market breadth, market sentiment was negative (0.7x), as 30 tickers lost relative to 20 gainers. OANDO (-9.9%) and LASACO (-9.7%) topped the losers’ list, while JOHNHOLT (+9.6%) and DAARCOMM (+9.5%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 4.4% to NGN738.00/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 69bps to 3.2%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded with bearish sentiments as the average yield expanded by 59bps to 8.5%. Across the curve, the average yield advanced at the short (+115bps), mid (+91bps), and long (+24bps) segments, following profit-taking activities on the 35DTM (+118bps), 126DTM (+108bps) and 189DTM (+66bps) bills, respectively. Elsewhere, the average yield was unchanged at 13.4% in the OMO segment.
Similarly, sentiments in the Treasury bond secondary market were bearish, as the average yield expanded by 4bps to 14.5%. Across the benchmark curve, the average yield increased at the short (+16bps) end as investors sold off the MAR-2024 (+72bps) bond. Elsewhere, the average yield closed flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
