November 6, 2023/Cordros Report
EQUITIES
Trading activities in the local bourse resumed the week on a positive note, driven by investors’ interest in BUACEMENT (+4.5%). Thus, the All-Share index advanced by 0.4% to close at 70,479.62 points, with the Month-to-Date and Year-to-Date returns settling at +1.8% and +37.5%, respectively.
The total volume traded declined by 4.7% to 391.01 million units, valued at NGN7.71 billion, and exchanged in 6,837 deals. UBA was the most traded stock by volume and value at 105.63 million units and NGN2.14 billion, respectively.
Analysing by sectors, the Oil & Gas (+2.3%), Industrial Goods (+1.8%), and Banking (+0.7%) indices posted gains, while the Insurance (-2.2%) and Consumer Goods (-0.2%) indices recorded losses.
As measured by market breadth, market sentiment was mixed (1.0x), as 27 tickers gained relative to 28 losers. THOMASWY (+10.0%) and CHAMS (+9.9%) topped the gainers’ list, while ABCTRANS (-9.3%) and CORNERST (-9.3%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 4.1% to NGN809.02/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 19bps to 16.9%, in the absence of any significant funding pressure on the system.
The Nigerian Treasury bills secondary market traded on a bearish note, as the average yield expanded by 9bps to 14.4%. Across the curve, the average yield contracted at the short (-1bp) and long (-2bps) ends, following buying interest in the 80DTM (-1bp) and 353DTM (-3bps) bills, respectively. Meanwhile, the average yield advanced at the mid (+33bps) segment as players sold off the 157DTM (+124bps) bill. Elsewhere, the average yield contracted by 2bps to 15.9% in the OMO segment.
Similarly, the Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 3bps to 15.7%. Across the benchmark curve, the average yield expanded at the short (+13bps) end due to profit-taking activities on the JAN-2026 (+55bps) bond but pared at the mid (-1bp) and long (-1bp) segments, as investors demanded the JUN-2033 (-5bps) and JUN-2034 (-10bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
