October 18, 2023/InvestmentOne Report
Please click to download the Market Report for Wednesday 18th October, 2023
EQUITY:
- The Nigerian equities market closed slightly higher by 0.04% as the NGX-ASI settled at 67,353.23pts.
- In today’s trade, market breadth index was marginally positive with 19 gainers against 18 losers.
- Today’s performance was positive as the gains printed in DAARCOMM (+9.52%), GUINEAINS (+9.09%), ETERNA (+6.86%), UNITYBNK (+5.49%) and JAIZBANK (+5.26%) outweighed the losses seen in CWG (-10.00%), IKEJAHOTEL (-9.21%), RTBRISCOE (-8.77%), AFRIPRUD (-7.14%) and FTNCOCOA (-6.29%).
- Sectoral performance was mixed as the Banking (+0.64%) and Oil & Gas (+0.22%) sectors closed northwards, while the Industrial (-0.06%) sector closed red. Elsewhere, the Consumer Goods sector closed flat.
- In terms of activity levels, total volume increased by 5.03% while total value declined by 9.09%, as investors exchanged about 398 million units of shares worth around N4.70 billion. WEMABANK (+0.64%) was the most actively traded stock with about 89 million units of shares worth about N418 million.
- The local bourse closed positive on the back of the gains printed in the Banking and Oil & Gas sectors. Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.
CURRENCY:
- At the IEFX window, the Naira depreciated against the GBP, USD, and EUR by 0.46%, 8.90% and 0.37% to close at N940.48, N848.12 and N815.87, respectively.
- Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.
FIXED INCOME:
- Money market rates expanded today as Open Buy Back and Overnight rate rose by 23bps and 30bps to close at 1.17% and 1.80%, respectively.
- The bond market traded on a flattish note as yields were unchanged on most maturities across the curve. Hence, the yield on the 5yr benchmark bond decreased by 9bps to close at 14.08%, while the yields on the 10yr and 20yr benchmark bonds closed flat at 15.00% and 15.57%, respectively.
- In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation.
Below are key NGX statistics as at the end of trades:
Current | 67,353.23 | Mkt Cap (N’tr) | 37.00 | |
Previous | 67,326.12 | Vol. Traded (m) | 398 | |
Day Change | 0.04% | Vol. Day Chng. | 5% | |
WTD Return | 0.23% | Val. Traded (N’bn) | 4.70 | |
MTD Return | 1.46% | Val. Day Chng. | -9% | |
YTD Return | 31.42% | No. of Deals | 6,165 | |
YTD High | 68,359.22 | No. of Gainers | 19 | |
YTD Low | 50,868.52 | No. of Losers | 18 | |
52wk High | 68,359.22 | Top Sub Sect. (by Vol.) | BNK (39%) | |
52wk Low | 43,461.60 | Top Sub Sect. (by Val.) | BNK (50%) |
