November 30, 2023/InvestmentOne Report

Please click to download the Market Report for Thursday 30^th November, 2023

EQUITY:

• The local bourse increased by 0.11% as the NGX-ASI settled at 71,365.98pts.
• In today s trade, market breadth index was negative with 32 losers against 26 gainers.
• Today s performance was positive as the gains printed in NNFM (+10.00%), THOMASWY (+9.62%), MECURE (+9.09%), CHAMPION (+7.69%) and ETI (+6.25%) outweighed the losses observed in NSLTECH (-9.72%), UNITYBNK (-9.68%), TANTALIZER (-9.43%), DAARCOM (-9.38%) and DEAPCAP (-9.23%).
• Sectoral performance was mostly negative as the Banking (-0.41%), Consumer Goods (-0.32%) and Oil and Gas (-0.14%) sectors closed downwards while the Industrial (+0.07%) sector closed upwards.
• In terms of activity levels, total volume and value advanced by 50% and 55% respectively, as investors exchanged about 540 million units of shares worth around N10.25 billion. GTCO (+1.43%) was the most actively traded stock with about 67 million units of shares worth about N2.60 billion.
• The Nigerian equities market closed positive today due to the optimism observed in AIRTELAFRI and the Industrial sector. 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 weakened against the GBP and EUR by 5.99% and 5.88% to close at NGN1,072.12, and NGN925.30. Elsewhere, the Naira strengthened against the USD by 5.72% to close at NGN831.47.
• Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.

FIXED INCOME:

• Money market rates slumped today as Open Buy Back and Overnight rates declined by 113bps and 125bps to close at 14.84% and 15.54% respectively.
• The bond market traded on a tepid note today as yields on most maturities were constant across the curve. As such, the yield on the 5yr benchmark bond inched higher by 1bp to close at 15.28%, while the yields on the 10yr and 20yr benchmark bonds closed flat at 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: