December 5, 2023/Cordros Report
EQUITIES
The Nigerian stock market reversed yesterday’s loss as renewed interest in BUACEMENT (+4.7%) drove the All-Share Index 0.4% higher to 71,250.17 points. Consequently, the Month-to-Date and Year-to-Date returns printed -0.2% and +39.0%, respectively.
The total volume traded increased by 19.4% to 428.12 million units, valued at NGN11.01 billion, and exchanged in 6,904 deals. UACN was the most traded stock by volume at 61.71 million units, while NIDF was the most traded stock by value at NGN2.22 billion.
On sectors, the Industrial Goods (+1.9%), Banking (+1.5%), and Consumer Goods (+0.1%) indices posted gains, while the Oil & Gas index closed flat. The Insurance (-0.2%) index was the sole loser for the day.
As measured by market breadth, market sentiment was positive (2.7x), as 40 tickers lost relative to 15 gainers. NSLTECH (+10.0%) and MULTIVERSE (+10.0%) recorded the most significant gains of the day, while ABBEYBDS (-9.9%) and FTNCOCOA (-9.1%) topped the losers’ list.
CURRENCY
The naira appreciated by 3.9% to NGN806.73/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 21bps to 16.0%, in the absence of any significant inflows into the system.
Trading in the NTB secondary market was bearish, as the average yield expanded by 47bps to 11.0%. Across the curve, the average yield closed flat at the short and mid segments but advanced at the long (+46bps) end following sell pressures on the 352DTM (+16.05ppts) bill. Elsewhere, the average yield pared by 1bp to 14.6% in the OMO segment.
The FGN bond secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 15.6%. Across the benchmark curve, the average yield closed flat at the short and mid segments but dipped at the long (-2bps) end following demand for the MAR-2050 (-17bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
