October 10, 2023/Cordros Report
EQUITIES
The Nigerian equities market reversed yesterday’s gains following the late profit-taking activities in PRESCO (-9.5%) and ETI (-5.3%). Consequently, the All-Share Index lost 0.2% to close at 66,984.62 points, with the MTD and YTD returns moderating to +0.9% and +30.7%, respectively.
The total volume traded declined by 4.2% to 257.42 million units, valued at NGN7.80 billion, and exchanged in 6,498 deals. FIDELITYBK was the most traded stock by volume at 53.40 million units, while SEPLAT was the most traded stock by value at NGN3.85 billion.
Analysing by sectors, the Banking (-1.1%), Insurance (-0.7%), and Consumer Goods (-0.1%) indices declined while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 13 tickers lost relative to 27 gainers. JOHNHOLT (-10.0%) and PRESCO (-9.5%) topped the losers’ list, while MCNICHOLS (+10.0%) and CAPHOTEL (+9.8%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 1.0% to NGN765.83/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 12bps to 1.6%, following the inflows from OMO maturities (NGN10.00 billion).
Trading in the Treasury bills secondary market was bullish, as the average yield declined by 11bps to 7.6%. Across the curve, the average yield closed flat at the short end but contracted at the mid (-6bps) and long (-17bps) segments due to demand for the 170DTM (-37bps) and 184DTM (-108bps) bills, respectively. Elsewhere, the average yield remained at 12.1% in the OMO segment.
Sentiments in the FGN bonds secondary market were bullish, as the average yield contracted by 4bps to 14.4%. Across the benchmark curve, the average yield declined at the short (-15bps) end as investors showed interest in the MAR-2024 (-76bps) bond. Meanwhile, the average yield was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
