September 20, 2023/Cordros Report
EQUITIES
Sentiments in the domestic bourse turned negative, as profit-taking activities witnessed in TRANSCOHOT (-10.0%) caused a 3bps decline in the benchmark index. Thus, the All-Share Index closed at 68,335.34 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +2.7% and +33.3%, respectively.
The total volume traded declined by 17.4% to 559.06 million units, valued at NGN5.25 billion, and exchanged in 8,068 deals. OANDO was the most traded stock by volume and value at 110.00 million units and NGN1.60 billion, respectively.
Across the sectors, the Banking (-1.0%) and Consumer Goods (-0.4%) indices declined, while the Oil & Gas (+0.6%) index gained. Meanwhile, the Insurance and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 29 tickers lost relative to 27 gainers. TRANSCOHOT (-10.0%) and IKEJAHOTEL (-9.9%) recorded the most significant losses of the day, while SUNUASSUR (+10.0%) and BERGER (+9.9%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.8% to NGN770.71/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 11.50ppts to 3.9%, in the absence of any significant inflows into the system.
The Treasury bills secondary market traded quietly as the average yield remained at 7.9%. Similarly, the average yield closed flat at 13.4% in the OMO segment.
Proceedings in the FGN bond secondary market were mixed, albeit with a bullish tilt, as the average yield inched higher by 1bp to 14.4%. Across the benchmark curve, the average yield declined at the short (-4bps) end following demand for the JAN-2026 (+22bps) bond but was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
