October 4, 2023/Cordros Report
EQUITIES
The Nigerian equities market reversed yesterday’s gains as late sell pressures on MTNN (-3.9%) drove the benchmark index 0.4% lower to close at 66,482.28 points. As a result, the Month-to-Date and Year-to-Date returns printed +0.2% and +29.7%, respectively.
The total volume of trades increased by 80.5% to 657.52 million units, valued at NGN4.60 billion, and exchanged in 6,646 deals. UNIVINSURE was the most traded stock by volume at 336.29 million units, while GTCO was the most traded stock by value at NGN885.39 million.
On sectors, the Insurance (+0.3%) and Consumer Goods (+0.2%) indices advanced, while the Banking, Industrial Goods, and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.3x), as 29 tickers gained relative to 22 losers. OANDO (+9.9%) and REDSTAREX (+9.8%) recorded the highest gains of the day, while IKEJAHOTEL (-10.0%) and WEMABANK (-10.0%) topped the losers’ list.
CURRENCY
The naira depreciated by 1.5% to NGN756.21/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 155bps to 3.0%, in the absence of any significant funding pressure on the system.
Trading activities in the NTB secondary market were bullish, as the average yield contracted by 4bps to 7.8%. Across the curve, the average yield closed flat at the short and long ends but declined at the mid (+12bps) segment following buying interest in the 176DTM (-73bps) bill. Elsewhere, the average yield was unchanged at 12.1% in the OMO segment.
Proceedings in the FGN bonds secondary market were bullish, as the average yield contracted by 3bps to 14.4%. Across the benchmark curve, the average yield declined at the short (-11bps) end due to demand for the MAR-2024 (-54bps) bond but closed flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
