September 28, 2023/Cordros Report
EQUITIES
The domestic equities market extended the week’s losses as profit-taking activities witnessed in DANGSUGAR (-6.0%) and UBA (-6.4%) drove the All-Share Index 0.3% lower to 66,448.63 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -0.2% and +29.7%, respectively.
The total volume traded declined by 24.8% to 273.80 million units, valued at NGN3.41 billion, and exchanged in 6,826 deals. ACCESSCORP was the most traded stock by volume and value at NGN45.88 million and NGN710.63 million, respectively.
Sectoral performance was mixed, as the Banking (-1.0%) and Consumer Goods (-0.7%) indices closed in the red, while the Oil & Gas and Industrial Goods indices closed flat. Meanwhile, the Insurance (+0.8%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.6x), as 26 tickers lost relative to 16 gainers. VITAFOAM (-9.9%) and FTNCOCOA (-9.9%) topped the losers’ list, while RTBRISCOE (+9.8%) and CWG (+9.7%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 2.6% to NGN775.31/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 272bps to 8.3%, following the inflows from FGN bond coupon payments (NGN164.29 billion).
Trading activities in the NTB secondary market were bullish, as the average yield declined by 4bps to 8.3%. Across the curve, the average yield contracted at the mid (-13bps) and long (-1bp) segments as investors demanded the 168DTM (-74bps) and 329DTM (-1bp) bills, respectively. Conversely, the average yield closed flat at the short end. Elsewhere, the average yield contracted by 1bp to 12.2% in the OMO segment.
Proceedings in the FGN bonds secondary market were bearish, as the average yield expanded by 1bp to 14.5%. Across the benchmark curve, the average yield was unchanged at the short and long ends but expanded at the mid (+4bps) segment following the sell-off of the APR-2032 (+8bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
