November 23, 2023/Cordros Report
EQUITIES
The local bourse traded marginally higher in today’s session, as buying interests in GTCO (+2.0%) underpinned a 0.1% increase in the All-Share Index to 71,052.85 points. Accordingly, the Month-to-Date and Year-to-Date returns printed +2.6% and +38.6%, respectively.
The total volume traded increased by 31.6% to 563.71 million units, valued at NGN3.44 billion, and exchanged in 6,579 deals. UNIVINSURE was the most traded stock by volume at 164.30 million units, while ZENITHBANK was the most traded stock by value at NGN694.17 million.
From a sectoral perspective, the Insurance (+1.3%) index advanced, while the Consumer Goods (-0.1%) index declined. The Industrial Goods, Banking, and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.8x), as 34 tickers gained relative to 19 losers. BETAGLAS (+10.0%) and MULTIVERSE (+10.0%) recorded the most significant gains of the day, while ELLAHLAKES (-9.9%) and OMATEK (-9.2%) topped the losers’ list.
CURRENCY
The naira depreciated by 12.1% to NGN956.33/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 150bps to 26.7%, following the debit for NTB net issuance (NGN453.58 billion).
The Nigerian Treasury bills secondary market activities were bullish, as the average yield contracted by 10bps to 12.6%. Across the benchmark curve, the average yield closed flat at the short and mid segments but declined at the long (-21bps) end as investors demanded the 245DTM (-200bps) bill. Likewise, the average yield pared by 1bp to 14.7% in the OMO segment.
Elsewhere, the Treasury bond secondary market traded on a bearish note, as the average yield expanded by 20bps to 16.1%. Across the benchmark curve, the average yield closed flat at the short end but expanded at the mid (+67bps) and long (+12bps) segments due to the sell-off of the APR-2029 (+71bps) and MARR-2035 (+70bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
