December 7, 2023/Cordros Report
EQUITIES
The Nigerian stock market traded with bearish sentiments as profit-taking activities in FBNH (-9.9%) and other tier-1 banks undermined today’s performance. Consequently, the All-Share Index settled lower by 0.5% to close at 71,457.92 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +0.1% and +39.4%, respectively.
The total volume traded decreased by 36.7% to 436.56 million units, valued at NGN7.55 billion, and exchanged in 7,096 deals. UNIVINSURE was the most traded stock by volume at 52.73 million units, while NB was the most traded stock by value at NGN1.39 billion.
Analysing by sectors, the Banking (-2.0%) index declined while the Insurance (+1.8%) index posted gains. The Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 28 tickers lost relative to 23 gainers. FBNH (-9.9%) and NSLTECH (-9.6%) topped the losers’ list, while MULTIVERSE (+9.9%) and MANSARD (+9.8%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 12.8% to NGN843.07/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 432bps to 21.0%, following the debits for net NTB issuance (NGN500.00 billion).
Activities in the T-bills secondary market was bullish as the average yield contracted by 9bps to 11.0%. Across the curve, the average yield was unchanged at the short and mid segments but dipped at the long (-19bps) end due to buying interest in the 350DTM (-201bps) bill. Similarly, the average yield pared by 1bp to 14.6% at the OMO segment.
In the same vein, the FGN bonds secondary market traded with bullish sentiments, as the average yield declined by 68bps to 14.9%. Across the benchmark curve, the average yield contracted at the short (-85bps), mid (-157bps) and long (-25bps) segments, due to interests in the FEB-2028 (-164bps), APR-2029 (-196bps) and JUL-2034 (-99bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
