November 17, 2023/InvestmentOne Report

Please click to download the Market Report for Friday 17^th November, 2023

EQUITY:

• The local bourse inched higher by 0.12% as the NGX-ASI settled at 71,112.99pts.
• In today s trade, market breadth index was positive with 37 gainers against 20 losers.
• Today s performance was positive as the gains printed in MULTIVERSE (+10.00%), PRESTIGE (+10.00%), MECURE (+9.98%), CILEASING (+9.93%) and NNFM (+9.89%) outweighed the gains observed in ABCTRANS (-10.00%), BETAGLAS (-9.92%), JAPAULGOLD (-9.09%), ROYALEX (-8.93%) and VETBANK (-7.05%).
• Sectoral performance was slightly bearish as the Consumer Goods (-0.07%) and Industrial (-0.04%) sectors closed downwards, while the Oil & Gas (+3.71%) sector closed upwards. Elsewhere, the Banking sector was unchanged.
• In terms of activity levels, total volume declined by 9%, while total value increased by 38% respectively, as investors exchanged about 442 million units of shares worth around N6.04 billion. JAIZBANK (-0.62%) was the most actively traded stock with about 95 million units of shares worth about N153 million.
• The Nigerian equities market continued its rally for the 4^th consecutive day due to the buy-ins observed in the Oil & Gas sector. Looking ahead, 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 NAFEM window, the Naira appreciated against the GBP and EUR by 2.04% and 0.62% to close at N1017.07 and N901.76 respectively. Elsewhere, the naira depreciated against the USD by 2.70% to close at N841.14.
• Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.

FIXED INCOME:

• Money market rates were down today as Open Buy Back and Overnight Rates declined by 138bps and 72bps to close at 20.83% and 22.20% respectively.
• The bond market traded on a flat note today as yields on most maturities remained unchanged across the curve. Consequently, the yields on the 5yr, 10yr and 20yr benchmark bonds remained flat to close at 15.27%, 15.71% and 16.76%, 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: