November 27, 2023/Cordros Report
EQUITIES
The local bourse commenced this week’s trading with bullish sentiments, underpinned by bargain hunting in FBNH (+10.0%). Accordingly, the NGX-ASI notched higher by 0.2% to close at 71,353.81 points, with the MTD and YTD returns increasing to +3.1% and +39.2%, respectively.
The total volume traded advanced by 28.1% to 746.67 million units, valued at NGN5.95 billion, and exchanged in 9,267 deals. UNIVINSURE was the most traded stock by volume at 65.95 million units, while ACCESSCORP was the most traded stock by value at NGN1.47 billion.
On sectors, the Banking (+1.7%) index gained while the Consumer Goods (-1.0%) index declined. Meanwhile, the Industrial Goods, Insurance and Oil & Gas indices all closed flat.
As measured by market breadth, market sentiment was positive (1.6x), as 32 tickers gained relative to 20 losers. JOHNHOLT (+10.0%) and TANTALIZER (+10.0%) recorded the most significant gains of the day, while ETRANZACT (-9.5%) and UNITYBNK (-9.2%) topped the losers’ list.
CURRENCY
The naira depreciated by 2.4% to NGN814.60/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 533bps to 24.6%, in the absence of any significant inflow into the system.
The Nigerian Treasury bills traded on a mixed note as the average yield was unchanged at 10.5%. Across the curve, the average yield contracted at the short (-26bps) and long (-1bp) ends, following buying interest in the 87DTM (-102bps) and 332DTM (-2bps) bills, respectively. Conversely, the average yield expanded at the mid (+18bps) segment as investors sold off the 101DTM (+144bps) bill. Elsewhere, the average yield contracted by 2bps to 14.7% in the OMO segment.
Trading activities in the Treasury bond secondary market were bullish, as the average yield declined by 5bps to 15.9%. Across the benchmark curve, the average yield contracted at the short (-18bps) end as players demanded the MAR-2024 (-93bps) bond. On the other hand, the average yield was flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
