November 10, 2023/InvestmentOne Report
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EQUITY:
- The local bourse inched higher by 0.05% as the NGX-ASI settled at 70,854.18pts.
- In today’s trade, market breadth index was broadly positive with 33 gainers against 13 losers.
- Today’s performance was positive as the gains printed in VFDGROUP (+9.97%), MECURE (+9.80%), MEYER (+9.72%), REGALINS (+9.38%) and FCMB (+9.37%) offset the losses observed in CAVERTON (-9.52%), ETRANZACT (-4.43%), UNIVINSURE (-4.00%), CUTIX (-3.93%) and FIDELITYBK (-3.68%).
- Sectoral performance was positive as the Oil and Gas (+0.86%), Consumer Goods (+0.05%) and Banking (+0.03%) sectors closed upwards. Elsewhere, the Industrial sector closed flat.
- In terms of activity levels, total volume and value declined by 2% and 67% respectively, as investors exchanged about 55 million units of shares worth around N5.56 billion. JAPAULGOLD (+8.20%) was the most actively traded stock with about 165 million units of shares worth about N318 million.
- The local equities market closed afloat due to the positive sentiments surrounding the Oil and Gas, Consumer Goods and Banking sectors. forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.
CURRENCY:
- At the IEFX window, the Naira depreciated against the GBP, USD and EUR by 5.18%, 13.95% and 1.12% to close at N1,047.05, N996.75 and N894.43, respectively.
- Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.
FIXED INCOME:
- Money market rates rose today as Open Buy Back and Overnight Rate gained by 30bps and 5bps to close at 16.88% and 17.58%, respectively.
- The bond market traded on a quiet note as yields remained unchanged on most maturities across the curve. Consequently, the yields on the 5yr, 10yr and 20yr benchmark bonds closed flat at 15.48%, 15.50% and 16.51%, respectively.
- In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation.
Below are key NGX statistics as at the end of trades:
Current | 70,854.18 | Mkt Cap (N’tr) | 38.93 | |
Previous | 70,819.58 | Vol. Traded (m) | 557 | |
Day Change | 0.05% | Vol. Day Chng. | -2% | |
WTD Return | 0.94% | Val. Traded (N’bn) | 5.56 | |
MTD Return | 2.34% | Val. Day Chng. | -67% | |
YTD Return | 38.25% | No. of Deals | 6,308 | |
YTD High | 70,854.18 | No. of Gainers | 33 | |
YTD Low | 50,868.52 | No. of Losers | 13 | |
52wk High | 70,854.18 | Top Sub Sect. (by Vol.) | BNK (23%) | |
52wk Low | 43,461.60 | Top Sub Sect. (by Val.) | BNK (30%) |
