November 28, 2023/InvestmentOne Report
Please click to download the Market Report for Tuesday 28th November, 2023
EQUITY:
- The Nigerian equities market declined by 0.44% as the NGX-ASI settled at 71,041.29pts.
- In today’s trade, market breadth index was broadly negative with 40 losers against 19 gainers.
- Today’s performance was negative as the losses seen in OMATEK (-10.00%), IKEJAHOTEL (-9.87%), NEIMETH (-9.87%), WAPIC (-9.72%) and CWG (-9.45%) outweighed the gains recorded in NSLTECH (+10.00%), MECURE (+9.99%), SUNUASSUR (+9.68%), CONHALLPLC (+9.17%) and ROYALEX (+6.35%).
- Sectoral performance was mixed as the Industrial (-1.25%) sector closed southwards while the Banking (+0.06%) and Consumer Goods (+0.04%) sectors closed positive. Elsewhere, the Oil and Gas sectors closed flat.
- In terms of activity levels, total volume and value decreased by 28% and 5%, respectively as investors exchanged about 535 million units of shares worth around N5.62 billion. ACCESSCORP (-0.55%) was the most actively traded stock with about 52 million units of shares worth about N943 million.
- The local bourse recorded a negative performance, reflective of the losses printed in the Industrial and Banking sectors. Going forward, 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 depreciated against the GBP, USD, and EUR by 2.24%, 2.48% and 2.07% to close at N1,032.73, N814.60 and N894.28, respectively.
- Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.
FIXED INCOME:
- Money market rates declined today as Open Buy Back and Overnight Rates fell by 225bps and 208bps to close at 16.08% and 17.17% respectively.
- The bond market traded on a quiet note today as yields on most maturities were unchanged across the curve. As such, the yields on the 5yr, 10yr and 20yr benchmark bonds closed flat at 15.27%, 16.22% and 16.87% 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 | 71,041.05 | Mkt Cap (N’tr) | 38.88 | |
Previous | 71,353.81 | Vol. Traded (m) | 535 | |
Day Change | -0.44% | Vol. Day Chng. | -28% | |
WTD Return | -0.27% | Val. Traded (N’bn) | 5.62 | |
MTD Return | 2.61% | Val. Day Chng. | -5% | |
YTD Return | 38.61% | No. of Deals | 8,136 | |
YTD High | 71,353.81 | No. of Gainers | 19 | |
YTD Low | 43,808.25 | No. of Losers | 40 | |
52wk High | 71,353.81 | Top Sub Sect. (by Vol.) | BNK (16%) | |
52wk Low | 43,461.60 | Top Sub Sect. (by Val.) | BNK (26%) |
