October 25, 2023/Cordros Report
EQUITIES
The local bourse traded marginally lower today as profit-taking activities in UBA (-5.8%) and GTCO (-1.3%) caused a 2bps decline in the All-Share Index to 67,206.16 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +1.2% and +31.1%, respectively.
The total volume traded increased by 3.1% to 329.66 million units, valued at NGN4.41 billion, and exchanged in 5,998 deals. FIDELITYBK was the most traded stock by volume at 50.32 million units, while GTCO was the most traded stock by value at NGN733.79 million.
Sectoral performance was broadly negative, as the Banking (-1.1%), Insurance (-0.6%), Oil & Gas (-0.2%), Consumer Goods (-0.2%) and Industrial Goods (-0.1%) indices declined.
As measured by market breadth, market sentiment was positive (1.2x), as 22 tickers gained relative to 18 losers. MULTIVERSE (+9.7%) and CHAMS (+9.7%) recorded the highest gains of the day, while ETRANZACT (-10.0%) and SUNUASSUR (-10.0%) topped the losers’ list.
CURRENCY
The naira appreciated by 5.8% to NGN801.10/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 60bps to 4.2%, in the absence of any significant outflows from the system.
Trading in the Treasury bills secondary market was bearish as the average yield expanded by 8bps to 7.0%. Across the curve, the average yield was unchanged at the short end but expanded at the mid (+43bps) segment as market participants took profits off the 134DTM (+120bps) bill. Meanwhile, the average yield contracted at the long (-6bps) end following demand for the 337DTM (-56bps) bill. Elsewhere, the average yield closed flat at 12.0% in the OMO segment.
In the same vein, activities in the Nigerian Treasury bonds secondary market were bearish, as the average yield expanded by 2bps to 14.4%. Across the benchmark curve, the average yield expanded at the short (+4bps) and long (+1bp) ends as investors sold off the MAR-2024 (+10bps) and JUN-2053 (+10bps) bonds, respectively. Meanwhile, the average yield was unchanged at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
