October 11, 2023/Cordros Report
EQUITIES
Positive sentiments resurfaced in the domestic equities market today following bargain hunting in BUACEMENT (+2.3%). Precisely, the All-Share Index gained 0.2% to close at 67,100.49 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +1.1% and +30.9%, respectively.
The total volume of trades advanced by 59.4% to 410.32 million units, valued at NGN4.46 billion, and exchanged in 5,637 deals. NEIMETH was the most traded stock by volume at 163.20 million units, while ZENITHBANK was the most traded stock by value at NGN1.02 billion.
Sectoral performance was mixed, as the Insurance (+1.6%) and Industrial Goods (+1.0%) indices posted gains, while the Consumer Goods and Oil & Gas indices closed flat. The Banking (-0.3%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.1x), as 18 tickers gained relative to 17 losers. THOMASWY (+9.8%) and DAARCOMM (+9.5%) topped the gainers’ list, while OMATEK (-8.3%) and OANDO (-8.1%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 1.4% to NGN776.80/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 8bps to 1.7%, in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market were mixed but with a bullish bias, as the average yield pared by 1bp to 7.6%. Across the curve, the average yield was flat at the short end but expanded at the mid (+8bps) segment following profit-taking on the 106DTM (-48bps) bond. Conversely, the average yield contracted at the long (-6bps) end as players demanded the 316DTM (-43bps) bond. Meanwhile, the average yield was flat at 12.1% in the OMO segment.
The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 1bp to 14.4%. Across the benchmark curve, the average yield advanced at the short (+1bp) and long (+1bp) ends, due to the selloffs of the MAR-2024 (+11bps) and APR-2037 (+5bps) bonds, respectively. The average yield was unchanged at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
