October 9, 2023/Cordros Report
EQUITIES
The local bourse opened the week positively as investors’ interest in BUACEMENT (+10.0%) prompted a 1.0% gain in the All-Share index to 67,101.33 points. Accordingly, the Month-to-Date and Year-to-Date returns advanced to +1.1% and +30.9%, respectively.
The total volume traded decreased by 28.2% to 268.66 million units, valued at NGN3.46 billion, and exchanged in 6,911 deals. ABCTRANS was the most traded stock by volume at 29.27 million units, while ACCESSCORP was the most traded stock by value at NGN465.98 million.
Performance across the sectors was broadly positive as the Industrial Goods (+4.0%), Insurance (+1.2%), Consumer Goods (+0.8%) and Oil & Gas (+0.4%) indices printed gains, while the Banking (-0.4%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.1x), as 26 tickers gained relative to 23 losers. BUACEMENT (+10.0%) and CHIPLC (+10.0%) recorded the highest gains of the day, while PRESTIGE (-10.0%) and FTNCOCOA (-8.3%) topped the losers’ list.
CURRENCY
The naira depreciated by 4.1% to NGN773.54/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate closed flat at 1.7% as the system liquidity settled at a net long position of NGN510.01 billion.
Activities in the Nigerian T-bills secondary market was bullish, as the average yield contracted by 29bps to 7.7%. Across the curve, the average yield was unchanged at the short and mid segments but declined at the long (-51bps) end as market players demanded the 276DTM (-161bps) bill. Similarly, the average yield declined by 1bp to 12.1% in the OMO segment.
Trading activities in the Treasury bond secondary market were mixed but with a bearish tilt, as the average yield grew slightly by 1bp to 14.4%. Across the benchmark curve, the average yield expanded at the short (+4bps) and long (+1bp) ends as participants sold off the MAR-2024 (+52bps) and JUN-2053 (+7bps) bonds, respectively. Conversely, the average yield contracted at the mid segment due to buying interest in the APR-2032 (-4bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
