November 9, 2023/Cordros Report
EQUITIES
Trading in the local bourse extended the week’s positive momentum following bargain hunting in FBNH (+3.4%). Thus, the All-Share Index advanced by 0.1% to 70,819.58 points, with the Month-to-Date and Year-to-Date returns settling at +2.3% and +38.2%, respectively.
The total volume of trade increased by 1.9% to 569.19 million units, valued at NGN16.79 billion, and exchanged in 6,169 deals. JAPAULGOLD was the most traded stock by volume at 113.96 million units, while STANBIC was the most traded stock by value at NGN6.78 billion.
From a sectoral perspective, the Insurance (-1.1%) and Consumer Goods (-0.1%) indices printed losses, while the Banking (+0.2%) index advanced. Meanwhile, the Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as an equal number (26) of tickers gained and lost. UPDC (+9.9%) and MECURE (+9.9%) recorded the highest gains of the day, while VFDGROUP (-10.0%) and MULTIVERSE (-9.4%) topped the losers’ list.
CURRENCY
The naira depreciated by 12.2% to NGN996.75/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 21bps to 17.6%, following the debit for net NTB issuance (NGN187.08 billion).
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 94bps to 13.4%. Across the curve, the average yield dipped at the short (-197bps), mid (-213bps), and long (-1bp) segments as market participants demanded the 77DTM (-405bps), 119DTM (-378bps), and 350DTM (-1bp) bills, respectively. Similarly, the average yield declined by 1bp to 15.9% in the OMO segment.
Activities in the FGN bond secondary market were bullish, as the average yield contracted by 10bps to 15.7%. Across the benchmark curve, the average yield declined at the short (-41bps) end following buying interests in the MAR-2024 (-223bps) bond but expanded at the mid (+2bps) segment due to sell pressures on the APR-2032 (+5bps) bond. Conversely, the average yield closed flat at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
