November 15, 2023/Cordros Report
EQUITIES
Sentiments remained positive in the local bourse as investors took positions in BUACEMENT (+2.0%). Thus, the All-Share Index rose by 0.3% to close at 71,014.34 points. Consequently, the Month-to-Date and Year-to-Date returns advanced to +2.6% and +38.6%, respectively.
The total volume traded decreased by 9.2% to 297.35 million units, valued at NGN6.16 billion, and exchanged in 6,172 deals. OANDO was the most traded stock by volume at 27.97 million units, while NESTLE was the most traded stock by value at NGN2.34 billion.
Across sectors, performance varied with gains in the Industrial Goods (+0.8%) and Consumer Goods (+0.1%) indices and declines in the Insurance (-0.8%) and Banking (-0.8%) indices. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (2.1x), as 39 tickers gained relative to 19 losers. OMATEK (+10.0%) and OANDO (+10.0%) recorded the most significant gains of the day, while SCOA (-9.7%) and SOVRENINS (-8.8%) topped the losers’ list.
CURRENCY
The naira appreciated by 3.8% to NGN818.99/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 508bps to 23.0%, following the debits for the FGN bond PMA (NGN434.50 billion).
Activities in the Treasury bills secondary market were bullish, 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 contracted at the long (-1bp) end following demand for the 344DTM (-1bp) bill. Similarly, the average yield declined by 1bp to 15.8% in the OMO segment.
Conversely, the Treasury bonds secondary market traded with bearish sentiments, as the average yield expanded by 7bps to 15.9%. Across the benchmark curve, the average yield advanced at the short (+10bps) and long (+8bps) ends as market players sold off the MAR-2027 (+41bps) and MAR-2050 (+70bps) bonds, respectively. Elsewhere, the average yield was flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
