November 2, 2023/Cordros Report
EQUITIES
The domestic bourse paused its bullish streak in today’s trading session following sell pressures on MTNN (-2.4%), BUACEMENT (-1.9%) and some Tier-1 banking names. Subsequently, the All-Share Index declined by 0.8% to 70,042.28 points, with the MTD and YTD returns printing +1.2% and +36.7%, respectively.
The total volume of trades decreased by 11.6% to 525.46 million units, valued at NGN6.09 billion, and exchanged in 8,396 deals. JAPAULGOLD was the most traded stock by volume at 92.02 million units, while UBA was the most traded stock by value at NGN971.34 million.
Sectoral performance was mixed, as the Banking (-0.9%), Industrial Goods (-0.7%) and Consumer Goods (-0.2%) indices declined, while the Oil & Gas index closed flat. The Insurance (+1.6%) index was the sole gainer for the day.
As measured by market breadth, market sentiment was negative (0.9x), as 28 tickers lost relative to 26 gainers. CHAMS (-9.8%) and INTBREW (-8.8%) recorded the highest losses of the day, while OMATEK (+10.0%) and ACADEMY (+9.8%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.9% to NGN793.28/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 348bps to 20.6%, following the debits for the OMO auction (NGN77.20 billion) conducted yesterday.
Trading in the T-bills secondary market was calm, as the average yield remained at 11.1%. Across the curve, the average yield was flat at the short and mid segments but pared at the long (-1bp) end due to mild interest in the 329DTM (-1bp) bill. Elsewhere, the average yield was unchanged at 12.0% in the OMO segment.
The FGN bond secondary market remained bearish, as the average yield expanded by 3bps to 15.4%. Across the benchmark curve, the average yield contracted at the short (-6bps) end following demand for the MAR-2025 (-59bps) but increased at the mid (+10bps) and long (+5bps) segments due to sell-offs of the APR-2029 (+13bps) and MAR-2050 (+51bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
