October 24, 2023/Cordros Report
EQUITIES
The domestic equities market reversed yesterday’s loss as bargain hunting in GEREGU (+9.1%) underpinned market performance. Consequently, the NGX ASI advanced by 0.5% to close at 67,217.77 points. As a result, the Month-to-Date and Year-to-Date returns increased to +1.3% and +31.2%, respectively.
The total volume of trade increased by 1.7% to 319.90 million units, valued at NGN6.33 billion, and exchanged in 6,272 deals. ACCESSCORP was the most traded stock by volume at 50.78 million units, while GTCO was the most traded stock by value at NGN1.50 billion.
Analysing by sectors, the Banking (+1.4%) and Consumer Goods (+0.5%) indices posted gains, while the Industrial Goods and Oil & Gas indices were unchanged. The Insurance (-0.5%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.6x), as 21 tickers gained relative to 13 losers. FLOURMILL (+9.9%) and UPL (+9.8%) topped the gainers’ list, while VFDGROUP (-10.0%) and ABCTRANS (-9.9%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 6.4% to NGN847.77/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 110bps to 3.6%, in the absence of any significant funding pressure on the system.
Trading in the NTB secondary market was bullish, as the average yield contracted by 3bps to 6.9%. Across the curve, the average yield closed flat at the short and mid segments but declined at the long (-6bps) end as market participants demanded the 324DTM (-69bps) bill. Elsewhere, the average yield was unchanged at 12.0% in the OMO segment.
The FGN bond secondary market traded on a quiet note, as the average yield was flat at 14.4%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end following the sell-off of the JAN-2026 (+6bps) bond. Meanwhile, the average yield was flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
