September 26, 2023/Cordros Report
EQUITIES
Bearish sentiments persisted in the local bourse today as investors sold off BUACEMENT (-1.2%), GTCO (-2.9%), and ZENITHBANK (-3.0%) stocks. As a result, the NGX ASI dipped further by 0.3% to close at 66,652.17 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +0.2% and +30.1%, respectively.
The total volume traded declined by 10.8% to 363.99 million units, valued at NGN4.53 billion, and exchanged in 7,018 deals. ACCESSCORP was the most traded stock by volume at 49.97 million units, while UBA was the most traded stock by value at NGN787.37 million.
Analysing by sectors, the Banking (-4.5%), Oil & Gas (-1.2%), and Industrial Goods (-0.3%) indices closed lower, while the Consumer Goods index closed flat. Meanwhile, the Insurance (+2.4%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was flat (1.0x) as an equal number of tickers (22) gained and lost. CHIPLC (+10.0%) and CORNERST (+10.0%) topped the gainers’ list, while CONOIL (-10.0%) and FTNCOCOA (-10.0%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 2.4% to NGN755.08/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 479bps to 11.1%, in the absence of any significant funding pressures on the system.
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 10bps to 8.4%. Across the curve, the average yield dipped at the short (-25bps) and mid (-18bps) segments, following interests in the 58DTM (-98bps) and 149DTM (+110bps) bills, respectively. Meanwhile, the average yield closed flat at the long end. Similarly, the average yield contracted by 124bps to 12.2% in the OMO segment.
The Treasury bond secondary market traded on a calm note, as the average yield closed flat at 14.5%. Across the benchmark curve, the average yield was unchanged at the short and long ends but expanded slightly at the mid (+3bps) segment due to profit-taking on the APR-2029 (+8bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
