October 12, 2023/Cordros Report
EQUITIES
The local bourse traded marginally higher as gains in ZENITHBANK (+1.3%) and UBA (+1.5%) offset the loss in GTCO (-0.9%). Consequently, the NGX ASI inched higher by 0.1% to settle at 67,133.19 points. Accordingly, the Month-to-Date and Year-to-Date returns printed +1.1% and +31.0%, respectively.
The total volume traded declined by 24.6% to 309.32 million units, valued at NGN4.55 billion, and exchanged in 5,588 deals. FIDELITYBK was the most traded stock by volume at 61.78 million units, while ACCESSCORP was the most traded stock by value at NGN860.09 million.
Across our sectoral coverage, the Banking (+0.9%) and Consumer Goods (+0.1%) indices advanced while the Insurance (-1.8%) index declined. Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (2.4x), as 22 tickers gained relative to 9 losers. THOMASWY (+9.8%) and COURTVILLE (+8.8%) recorded the most significant gains of the day, while CORNERST (-6.1%) and MANSARD (-3.6%) topped the losers’ list.
CURRENCY
The naira appreciated by 2.3% to NGN759.20/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 8bps to 1.6%, in the absence of any significant inflows into the system.
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 138bps to 6.2%. Across the curve, the average yield declined at the short (-23bps), mid (-117bps) and long (-188bps) segments following demand for the 28DTM (-93bps), 147DTM (-179bps) and 224DTM (-274bps) bills, respectively. Elsewhere, the average yield remained at 12.1% in the OMO segment.
Sentiments in the FGN bond secondary market were mixed as the average yield closed flat at 14.4%. Across the benchmark curve, the average yield contracted at the short (-17bps) end following bargain hunting on the MAR-2024 (-85bps) bond while it expanded at the mid (+19bps) segment as market participants sold off the APR-2029 (+30bps) bond. Conversely, the average yield was unchanged at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
