November 7, 2023/Cordros Report
EQUITIES
Bullish sentiments persisted in the Nigerian equities market, as bargain hunting in FBNH (+6.4%) spurred a 0.2% increase in the All-Share index to 70,613.60 points. Accordingly, the Month-to-Date and Year-to-Date returns advanced to +2.0% and +37.8%, respectively.
The total volume of trade increased by 14.9% to 449.28 million units, valued at NGN5.44 billion, and exchanged in 7,100 deals. FBNH was the most traded stock by volume and value at 52.02 million units and NGN1.03 billion, respectively.
Sectoral performance was mixed, as the Consumer Goods (+0.3%) and Insurance (+0.2%) indices recorded gains, while the Oil & Gas (-0.3%) index declined. The Banking and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 24 tickers lost relative to 22 gainers. NNFM (-10.0%) and ROYALEX (-9.3%) topped the losers’ list, while PZ (+10.0%) and GLAXOSMITH (+9.9%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 7.0% to NGN869.91/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 42bps to 17.3%, in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market were quiet, as the average yield closed flat at 14.4%. Across the curve, the average yield was unchanged at the short and mid segments but inched higher at the long (+1bp) end due to profit-taking on the 352DTM (+16bps) bill. Elsewhere, the average yield pared by 1bp to 15.9% in the OMO segment.
Meanwhile, the Treasury bond secondary market closed on a bearish note, as the average yield expanded by 13bps to 15.8%. Across the benchmark curve, the average yield expanded at the short (+18bps) and long (+16bps) ends, as investors sold off the MAR-2025 (+76bps) and MAR-2036 (+36bps) bonds, respectively. The average yield was unchanged at the mid-segment.
Kindly see below our Mutual Fund prices and returns as of today.
