November 1, 2023/Cordros Report
EQUITIES
The bulls continued to dominate in the domestic bourse, as bargain hunting in AIRTELAFRI (+10.0%) drove the benchmark index 1.9% higher. Consequently, the NGX ASI rose above the 70,000 psychological mark, closing at 70,581.76 points – the highest level on record. Thus, the Year-to-Date return advanced to +37.7%.
The total volume traded increased by 22.9% to 594.05 million units, valued at NGN10.79 billion, and exchanged in 7,294 deals. UBA was the most traded stock by volume and value at 163.56 million units and NGN3.47 billion, respectively.
Analysing by sectors, the Insurance (+3.7%) and Banking (+2.2%) indices recorded gains, while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (-0.1%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (2.4x), as 37 tickers gained relative to 15 losers. AIRTELAFRI (+10.0%) and CHAMS (+9.9%) recorded the most significant gains of the day, while CAVERTON (-7.7%) and CHAMPION (-6.9%) topped the losers’ list.
CURRENCY
The naira appreciated by 3.7% to NGN786.02/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 67bps to 17.1%, in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market were bearish as the average yield expanded by 20bps to 11.1%. Across the curve, the average yield advanced at the short (+30bps) and mid (+50bps) segments following profit-taking in the 22DTM (+151bps) and 127DTM (+301bps) bills, respectively. Conversely, the average yield contracted at the long (-1bp) end as participants demanded the 330DTM (-1bp) bill. Elsewhere, the average yield stayed flat at 12.0% in the OMO segment.
Similarly, trading in the Treasury bond secondary market was bearish, as the average yield advanced by 5bps to 15.4%. Across the benchmark curve, the average yield expanded at the short (+15bps) and long (+2bps) ends as investors sold off the MAR-2025 (+46bps) and APR-2049 (+36bps) bonds, respectively. Meanwhile, the average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
