November 22, 2023/InvestmentOne Report
Please click to download the Market Report for Wednesday 22nd November, 2023
EQUITY:
- The Nigerian bourse retraced by 0.09% as the NGX-ASI settled at 71,003.98pts.
- In today’s trade, market breadth index was significantly positive with 38 gainers against 15 losers.
- Today’s performance was positive as the losses printed in CILEASING (-7.56%), PRESTIGE (-7.55%), INTBREW (-5.56%), REGALINS (-5.13%) and UPDCREIT (-4.60%) outweighed the gains observed in DAARCOMM (+10.00%), RTBRISCOE (+10.00%), UNITYBNK (+10.00%), MECURE (+9.96%) and MULTIVERSE (+9.82%).
- Sectoral performance was mixed as the Consumer Goods (-0.19%) and Industrial (-0.08%) sectors closed downwards, while the Banking (+0.19%) sector closed in the green. Elsewhere, the Oil and Gas sector closed neutral.
- In terms of activity levels, total volume declined by 13% while total value surged by 129%, as investors exchanged about 428 million units of shares worth around N7.37 billion. VERITASKAP (+8.82%) was the most actively traded stock with about 62 million units of shares worth about N23 million.
- The Nigerian equities market ended on a bullish note due to the sell-offs witnessed in the Consumer Goods and Industrial sectors. 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 0.46% and 0.30% to close at N1014.12 and N884.86, respectively while it weakened against the USD by 10.78% to close at N830.97.
- Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.
FIXED INCOME:
- Money market rates rose further today as Open Buy Back and Overnight Rates boosted by 90bps and 134bps to close at 23.83% and 25.17% 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 16.89%, 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:
Current | 71,003.98 | Mkt Cap (N’tr) | 39.05 | |
Previous | 71,066.55 | Vol. Traded (m) | 428 | |
Day Change | -0.09% | Vol. Day Chng. | -13% | |
WTD Return | -0.15% | Val. Traded (N’bn) | 7.37 | |
MTD Return | 2.55% | Val. Day Chng. | 129% | |
YTD Return | 38.54% | No. of Deals | 6,549 | |
YTD High | 71,112.99 | No. of Gainers | 38 | |
YTD Low | 43,808.25 | No. of Losers | 15 | |
52wk High | 71,112.99 | Top Sub Sect. (by Vol.) | BNK (23%) | |
52wk Low | 43,461.60 | Top Sub Sect. (by Val.) | BNK (19%) |
