October 31, 2023/Cordros Report
EQUITIES
The Nigerian equities market extended yesterday’s positive trading following investors’ interest in AIRTELAFRI (+10.0%). Specifically, the All-Share Index notched a 1.7% gain to close at 69,236.19 points. Consequently, the Month-to-Date and Year-to-Date gains increased to +4.3% and +35.1%, respectively.
The total volume traded advanced by 12.3% to 483.27 million units, valued at NGN6.04 billion, and exchanged in 8,027 deals. JAPAULGOLD was the most traded stock by volume at 155.59 million units, while ZENITHBANK was the most traded stock by value at NGN996.45 million.
On sectors, the Insurance (+1.9%), Banking (+0.9%) and Industrial Goods (+0.1%) indices recorded gains, while the Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.6x), as 40 tickers gained relative to 25 losers. AIRTELAFRI (+10.0%) and CADBURY (+9.9%) topped the gainers’ list, while BETAGLAS (-9.9%) and UPL (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 21.9% to NGN815.32/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 50bps to 16.5%, following the debits for the OMO auction (NGN400.00 billion).
Trading in the Treasury bills secondary market was quiet as the average yield remained at 10.9%. Across the segment, the average yield was unchanged at the short and mid segments but pared at the long (-1bp) end as players demanded the 331DTM (-1bp) bill. Elsewhere, the average yield was flat at 12.0% in the OMO segment.
The FGN bonds secondary market traded with bearish sentiments, as the average yield expanded by 37bps to 15.4%. Across the benchmark curve, the average yield advanced at the short (+88bps), mid (+5bps) and long (+25bps) segments due to sell-offs of the MAR-2025 (+218bps), JUN-2033 (+12bps) and JAN-2042 (+82bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
