December 4, 2023/Cordros Report
EQUITIES
Trading activities in the local bourse started this week with a negative performance, driven by sell pressures on BUACEMENT (-10.0%). As a result, the NGX-ASI dipped by 0.7% to close at 70,946.83 points, with the Month-to-Date and Year-to-Date returns settling at -0.6% and +38.4%, respectively.
The total volume traded declined by 0.7% to 358.53 million units, valued at NGN7.10 billion, and exchanged in 6,433 deals. UNIVINSURE was the most traded stock by volume at 58.85 million units, while AIRTELAFRI was the most traded stock by value at NGN3.27 billion.
Performance across sectors was mixed, as the Industrial Goods (-4.2%) and Insurance (-0.3%) indices recorded losses, while the Consumer Goods (+0.1%) index advanced. Meanwhile, the Oil & Gas and Banking indices closed flat.
As measured by market breadth, market sentiment was positive (1.3x), as 33 tickers gained relative to 26 losers. THOMASWY (+10.0%) and FBNH (+9.9%) topped the gainers’ list, while BUACEMENT (-10.0%) and MCNICHOLS (-9.3%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 10.7% to NGN837.77/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 11bps to 16.2%, in the absence of any significant inflow into the system.
The Treasury bills secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 10.5%. Across the curve, the average yield was flat at the short end but declined at the mid (-1bp) and long (-1bp) segments due to demand for the 171DTM (-1bp) and 325DTM (-2bps) bills, respectively. Elsewhere, the average yield dipped by 2bps to 14.6% in the OMO segment.
Similarly, proceedings in the Treasury bond secondary market were bullish, as the average yield contracted by 8bps to 15.6%. Across the benchmark curve, the average yield was unchanged at the short and mid segments but declined at the long (-16bps) end following buying interests in the APR-2049 (-52bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
