October 18, 2023/Cordros Report
EQUITIES
The local bourse traded marginally higher in today’s session, following investors’ interest in ZENITHBANK (+1.2%), UBA (+1.6%) and GTCO (+0.7%). Accordingly, the NGX ASI notched a 4bps gain to close at 67,353.23 points. Thus, the Month-to-Date and Year-to-Date returns increased to +1.5% and +31.4%, respectively.
The total volume traded advanced by 5.2% to 397.56 million units, valued at NGN4.70 billion, and exchanged in 6,165 deals. WEMABANK was the most traded stock by volume at 88.99 million units, while GTCO was the most traded stock by value at NGN828.48 million.
On sectors, the Banking (+0.7%), Insurance (+0.3%), and Oil and Gas (+0.2%) indices posted gains, while the Consumer Goods index closed flat. The Industrial Goods (-0.1%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.1x), as 19 tickers gained while 18 tickers lost. GUINEAINS (+9.1%) and ETERNA (+6.9%) recorded the highest gains of the day, while CWG (-10.0%) and RTBRISCOE (-8.8%) topped the losers’ list.
CURRENCY
The naira appreciated by 7.3% to NGN790.68/USD at the Nigerian Foreign Exchange Market (NFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 30bps to 1.8%, following the debits for the FGN bond auction (NGN374.76 billion).
The NTB secondary market traded with bullish sentiments as the average yield declined by 1bp to 6.5%. Across the curve, the average yield was unchanged at the short and long ends but contracted at the mid (-4bps) segment as investors demanded the 99DTM (-26bps) bill. Meanwhile, the average yield stayed at 12.1% in the OMO segment.
The FGN bond secondary market activities were mixed, as the average yield remained at 14.4%. Across the benchmark curve, the average yield declined at the short (-4bps) end following buying interest in the MAR-2024 (-10bps) bond but expanded at the long (+2bps) end as market players sold off the APR-2037 (+8bps) bond. Elsewhere, the average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
