November 21, 2023/Cordros Report
EQUITIES
The local bourse reversed yesterday’s loss as the All-Share Index recorded a 0.1% increase to close at 71,066.64 points. Today’s performance was supported by bargain-hunting in WAPCO (+1.4%). Accordingly, the Month-to-Date and Year-to-Date returns increased to +2.6% and +38.7%, respectively.
The total volume traded increased by 37.1% to 491.40 million units, valued at NGN3.22 billion, and exchanged in 6,549 deals. UNITYBNK was the most traded stock by volume at 75.44 million units, while VFDGROUP was the most traded stock by value at NGN481.81 million.
Analysing by sectors, the Insurance (+2.1%), Banking (+0.5%), and Industrial Goods (+0.1%) indices recorded gains, while the Oil & Gas and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was positive (5.6x), as 45 tickers gained relative to 8 losers. LEARNAFRCA (+10.0%) and MECURE (+10.0%) recorded the highest gains of the day, while CHAMPION (-10.0%) and OANDO (-3.7%) topped the losers’ list.
CURRENCY
The naira depreciated by 9.7% to NGN830.97/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 4bps to 23.8%, in the absence of any significant inflows from the system.
The Treasury bill secondary market traded with bullish sentiments, as the average yield contracted by 6bps to 12.7%. Across the curve, the average yield closed flat at the short and mid segments but declined at the long (-11bps) end as participants demanded the 247DTM (-120bps) bill. Similarly, the average yield pared by 1bp to 14.7% in the OMO segment.
Elsewhere, the Treasury bond secondary market traded quietly, as the average yield was unchanged at 15.9%.
Kindly see below our Mutual Fund prices and returns as of today.
