November 28, 2023/Cordros Report
EQUITIES
Sentiments in the local bourse turned sour as investors took profits off DANGCEM (-2.4%) Thus, the All-Share Index declined by 0.4% to 71,041.05 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 28.4% to 534.62 million units, valued at NGN5.62 billion, and exchanged in 8,136 deals. ACCESSCORP was the most traded stock by volume and value at 52.36 million units and NGN942.76 million, respectively.
Sectoral performance was mixed, as the Insurance (-1.3%) and Industrial Goods (-1.3%) indices declined, while the Banking (+0.1%) index advanced. The Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 40 tickers lost relative to 18 gainers. OMATEK (-10.0%) and IKEJAHOTEL (-9.9%) recorded the most significant losses of the day, while NSLTECH (+10.0%) and MECURE (+10.0%) topped the gainers’ list.
CURRENCY
The naira depreciated by 7.6% to NGN881.88/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 208bps to 17.2%, in the absence of any significant inflow into the system.
The Treasury bills secondary market traded with bullish sentiments, as the average yield declined by 29bps to 10.2%. Across the curve, the average yield declined at the short (-55bps), mid (-43bps) and long (-8bps) segments as participants demanded the 58DTM (-187bps), 100DTM (-246bps) and 331DTM (-69bps) bills, respectively. Likewise, the average yield pared by 1bp to 14.7% in the OMO segment.
Proceedings in the FGN bond secondary market were bullish, as the average yield contracted by 16bps to 15.7%. Across the benchmark curve, the average yield dipped at the short (-61bps) end following the demand for the MAR-2027 (-114bps) bond but was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
