October 30, 2023/Cordros Report
EQUITIES
The local bourse kicked off this week on a positive note following bargain hunting on DANGCEM (+5.8%) and STANBIC (+9.2%). Consequently, the All-Share Index advanced by 1.5% to 68,111.71 points, pushing the MTD and YTD returns higher to +2.6% and +32.9%, respectively.
The total volume traded increased significantly by 101.0% to 430.39 million units, valued at NGN8.26 billion, and exchanged in 7,656 deals. UNIVINSURE was the most traded stock by volume at 94.75 million units, while GEREGU was the most traded stock by value at NGN1.95 billion.
From a sectoral perspective, gains in the Industrial Goods (+3.0%), Banking (+1.2%), Insurance (+0.9%), and Consumer Goods (+0.4%) indices reflected the overall market performance. Meanwhile, the Oil & Gas index stayed flat.
As measured by market breadth, market sentiment was positive (2.8x), as 44 tickers gained relative to 16 losers. NNFM (+10.0%) and CHELLARAM (+9.8%) recorded the highest gains of the day, while MEYER (-9.9%) and ABBEYBDS (-9.7%) topped the losers’ list.
CURRENCY
The naira depreciated by 20.5% to NGN993.82/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 119bps to 15.9%, as banks placed their excess funds with the CBN. Thus, the balance at the Standing Deposit Facility (SDF) closed at NGN888.72 billion.
The NTB secondary market traded with bearish sentiments as the average yield expanded by 379bps to 10.9%. Across the curve, the average yield advanced at the short (+308bps), mid (+311bps) and long (+448bps) segments following sell pressures on the 10DTM (+429bps), 115DTM (+392bps) and 332 DTM (+564bps) bills, respectively. Conversely, the average yield pared by 1bp to 12.0% in the OMO segment.
Similarly, the Treasury bond secondary market traded with bearish sentiments, as the average yield advanced by 14bps to 15.0%. Across the benchmark curve, the average yield increased at the short (+49bps) and mid (+9bps) segments following profit-taking activities in the MAR-2024 (+236bps) and APR-2032 (+19bps) bonds, respectively. Elsewhere, the average yield declined at the long (-1bp) end as investors demanded the JUN-2053 (-10bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
