November 14, 2023/Cordros Report
EQUITIES
The domestic equities market reversed yesterday’s loss as investors’ interest in BUACEMENT (+3.3%) triggered a 0.3% gain in the benchmark index. Thus, the All-Share Index settled at 70,840.72 points. Accordingly, the Month-to-Date and Year-to-Date returns increased to +2.3% and +38.2%, respectively.
The total volume traded decreased by 31.0% to 327.43 million units, valued at NGN3.37 billion, and exchanged in 6,533 deals. JAPAULGOLD was the most traded stock by volume at 44.70 million units, while UBA was the most traded stock by value at NGN555.02 million.
Analysing by sectors, the Industrial Goods (+1.4%), Banking (+0.7%), and Insurance (+0.2%) indices recorded gains, while the Oil & Gas (-0.9%) and Consumer Goods (-0.1%) indices printed losses.
As measured by market breadth, market sentiment was positive (2.2x), as 35 tickers gained relative to 16 losers. NNFM (+10.0%) and MECURE (+10.0%) topped the gainers’ list, while REDSTAREX (-9.8%) and FTNCOCOA (-9.3%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 6.5% to NGN850.22/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded slightly by 2bps to 17.9%, in the absence of any significant outflows from the system.
The NTB secondary market traded with mixed sentiments but with a bullish bias, as the average yield pared by 1bp to 13.3%. Across the curve, the average yield closed flat at the short and mid segments but dipped at the long (-1bp) end, following mild interest in the 345DTM (-1bp) bill. Similarly, the average yield declined by 1bp to 15.8% in the OMO segment.
Meanwhile, proceedings in the FGN bond secondary market were bearish, as the average yield expanded by 8bps to 15.8%. Across the benchmark curve, the average yield contracted at the short (-4bps) end, as investors demanded the MAR-2025 (-18bps) bond but expanded at the mid (+5bps) and long (+15bps) segments due to the sell-off of the JUN-2033 (+21bps) and JUL-2053 (+87bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
