October 19, 2023/Cordros Report
EQUITIES
Sentiments in the Nigerian equities market turned negative as investors took profits off STANBIC (-8.5%). Consequently, the All-Share Index declined by 0.4% to 67,098.80 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +1.1% and +30.9%, respectively.
The total volume of trades decreased by 24.9% to 298.69 million units, valued at NGN4.48 billion, and exchanged in 5,453 deals. UBA was the most traded stock by volume and value at 56.29 million units and NGN1.05 billion, respectively.
Analysing by sectors, the Insurance (-1.1%), Banking (-1.0%), and Consumer Goods (-0.3%) indices declined while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 25 tickers lost relative to 16 gainers. MCNICHOLS (-8.8%) and OMATEK (-8.7%) recorded the most significant losses of the day, while LEARNAFRCA (+10.0%) and DAARCOMM (+9.5%) topped the gainers’ list.
CURRENCY
The naira appreciated by 1.0% to NGN782.68/USD at the Nigerian Foreign Exchange Market (NFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 30bps to 1.5% in the absence of any significant inflows into the system.
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 21bps to 6.7%. Across the curve, the average yield closed flat at the short end but advanced at the mid (+10bps) and long (+35bps) segments, as market participants sold off the 175DTM (+44bps) and 329DTM (+94bps) bills, respectively. Elsewhere, the average yield remained at 12.1% in the OMO segment.
Proceedings in the Treasury bond secondary market were bullish, as the average yield declined by 2bps to 14.4%. Across the benchmark curve, the average yield contracted at the short (-6bps) and mid (-2bps) segments, as investors showed interest in the MAR-2025 (-36bps) and APR-2029 (-4bps) bonds, respectively. Meanwhile, the average yield was unchanged at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
