November 13, 2023/Cordros Report
EQUITIES
Activities in the domestic equities market kicked off this week negatively, following late sell pressures on BUACEMENT (-7.8%) which outweighed gains in MTNN (+2.6%). Consequently, the NGX ASI declined by 0.3% to 70,644.85 points, with the Month-to-Date and Year-to-Date returns moderating to +2.0% and +37.8%, respectively.
The total volume traded decreased by 14.8% to 474.39 million units, valued at NGN7.75 billion, and exchanged in 7,630 deals. FIDELITYBK was the most traded stock by volume at 94.05 million units, while MTNN was the most traded stock by value at NGN2.23 billion.
Sectoral performance was mixed, as the Industrial Goods (-3.3%), Insurance (-0.1%) and Consumer Goods (-0.1%) indices recorded losses while the Oil & Gas index closed flat. The Banking (+0.4%) index was the sole gainer for the day.
As measured by market breadth, market sentiment was positive (1.4x), as 26 tickers gained relative to 18 losers. RTBRISCOE (+10.0%) and ALEX (+10.0%) recorded the highest gains of the day, while JAPAULGOLD (-9.1%) and BUACEMENT (-7.8%) topped the losers’ list.
CURRENCY
The naira depreciated by 1.9% to NGN795.41/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 32bps to 17.9%, in the absence of any significant outflows from the system.
The Nigerian Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 2bps to 13.4%. Across the curve, the average yield declined across the short (-1bp), mid (-1bp) and long (-2bps) segments following buying interest in the 87DTM (-1bp), 178DTM (-2bps) and 346DTM (-3bps) bills, respectively. Similarly, the average yield contracted by 2bps to 15.8% in the OMO segment.
Sentiments in the Treasury bond secondary market were mixed, albeit with a bullish tilt, as the average yield pared by 1bp to 15.7%. Across the benchmark curve, the average yield declined at the short (-3bps) end as investors demanded the JAN-2026 (-13bps) bond but was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
