October 17, 2023/Cordros Report
EQUITIES
The domestic equities market reversed yesterday’s loss as the All-Share Index inched higher by 0.4% to 67,326,12 points. Today’s market performance was supported by bargain hunting activities in STANBIC (+5.6%), DANGSUGAR (+3.8%), and ACCESSCORP (+5.0%). Accordingly, the Month-to-Date and Year-to-Date returns increased to +1.4% and +31.4%, respectively.
The total volume traded increased by 74.9% to 377.97 million units, valued at NGN5.17 billion, and exchanged in 6,729 deals. ETRANZACT was the most traded stock by volume at 44.07 million units, while UBA was the most traded stock by value at NGN796.36 million.
Analysing across the sectors, the Banking (+2.8%), Insurance (+0.2%), and Industrial Goods (+0.1%) indices recorded gains, while the Oil & Gas and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 27 tickers gained relative to 22 losers. JBERGER (+10.0%) and CWG (+9.8%) topped the gainers’ list, while MULTIVERSE (-9.5%) and UNITYBNK (-9.0%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 8.2% to NGN848.12/USD at the Nigerian Foreign Exchange Market (NFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 1.5%, as the system liquidity closed at a net long position of NGN580.98 billion.
The Nigerian Treasury bills secondary market traded with bearish sentiments, as the average yield expanded by 1bp to 6.5%. Across the curve, the average yield was flat at the short and mid segments but expanded at the long (+3bps) end due to sell pressures on the 345DTM (+35bps) bill. Elsewhere, the average yield remained at 12.1% in the OMO segment.
Similarly, proceedings in the Treasury bonds secondary market were bearish, as the average yield expanded by 1bp to 14.4%. Across the benchmark curve, the average yield advanced at the short (+1bp) and long (+2bps) ends following profit-taking activities on the MAR-2024 (+3bps) and JUN-2053 (+24bps) bonds, respectively. Meanwhile, the average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
