October 26, 2023/Cordros Report
EQUITIES
Bearish sentiments persisted in the Nigerian equities market as sell pressures on STANBIC (-3.2%) and MTNN (-0.4%) triggered a 0.2% decline in the benchmark Index. Thus, the NGX ASI settled at 67,084.95 points. Consequently, the Month-to-Date and Year-to-Date returns printed +1.1% and +30.9%, respectively.
The total volume of trade declined by 18.8% to 267.65 million units, valued at NGN5.11 billion, and exchanged in 5,205 deals. FIDELITYBK was the most traded stock by volume at 39.83 million units, while NESTLE was the most traded stock by value at NGN1.75 billion.
On sectors, the Insurance (-1.8%) and Banking (-0.3%) indices printed losses, while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (+0.1%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.4x), as 29 tickers lost relative to 12 gainers. NSLTECH (-10.0%) and CWG (-9.9%) recorded the most significant losses of the day, while MCNICHOLS (+8.9%) and UACN (+6.1%) topped the gainers’ list.
CURRENCY
The naira depreciated by 4.3% to NGN837.49/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 805bps to 12.3%, in the absence of any significant funding pressure on the system.
Proceedings in the NTB secondary market were bearish, as the average yield expanded by 9bps to 7.1%. Across the curve, the average yield advanced at the short (+28bps) and long (+6bps) ends following selling pressures on the 91DTM (+112bps) and 322DTM (+80bps) bills, respectively; but closed flat at the mid segment. Elsewhere, the average yield was unchanged at 12.0% in the OMO segment.
Similarly, proceedings in the FGN bond secondary market were bearish, as the average yield expanded by 17bps to 14.6%. Across the benchmark curve, the average yield expanded at the short (+38bps) and long (+14bps) ends as market participants sold off the MAR-2027 (+76bps) and MAR-2050 (+50bps) bonds, respectively. Conversely, the average yield was flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
