November 20, 2023/Cordros Report
EQUITIES
The domestic equities market kicked off the week’s trading on a negative note driven by sell pressures on STANBIC (-7.1%). As a result, the All-Share Index declined by 0.2% to 71,008.70 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to +2.6% and +38.6%, respectively.
The total volume traded declined by 18.8% to 358.45 million units, valued at NGN4.36 billion, and exchanged in 6,551 deals. ACCESSCORP was the most traded stock by volume at 27.58 million units, while ZENITHBANK was the most traded stock by value at NGN502.95 million.
Analysing by sectors, the Banking (-0.4%) and Consumer Goods (-0.1%) indices printed losses while the Industrial Goods and Oil & Gas indices closed flat. The Insurance (+0.5%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (2.3x), as 35 tickers gained relative to 15 losers. MECURE (+10.0%) and MULTIVERSE (+9.9%) topped the gainers’ list, while RTBRISCOE (-9.8%) and PRESTIGE (-9.1%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 5.6% to NGN750.14/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 168bps to 23.9%, despite the inflow from FGN bonds coupon payment (NGN17.21 billion).
Activities in the NTB secondary market were bullish as the average yield contracted by 1bp to 12.7%. Across the curve, the average yield pared across the short (-1bp), mid (-1bp) and long (-2bps) segments, following demand for the 80DTM (-1bp), 171DTM (-1bp) and 339DTM (-3bps) bills, respectively. Similarly, the average yield declined by 2bps to 14.7% in the OMO segment.
Meanwhile, the FGN bond secondary market traded with bearish sentiments, as the average yield expanded by 10bps to 15.9%. Across the benchmark curve, the average yield advanced at the short (+1bp) and long (+18bps) ends as investors sold off the JAN-2026 (+1bp) and APR-2049 (+72bps) bonds, respectively. Elsewhere, the average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
