December 12, 2023/Cordros Report
EQUITIES
Bullish sentiments continued in the domestic equities market today as investors’ interest in MTNN (+2.1%) triggered a 0.3% increase in the benchmark index. Eventually, the NGX ASI closed at 71,907.26 points, while the Month-to-Date and Year-to-Date returns increased to +0.8% and +40.3%, respectively.
The total volume traded declined by 14.9% to 319.56 million units, valued at NGN5.88 billion, and exchanged in 6,498 deals. JBERGER was the most traded stock by volume and value at 42.54 million units and NGN1.46 billion, respectively.
On sectors, the Oil & Gas (-1.0%) and Insurance (-0.5%) indices settled lower, while the Consumer Goods and Industrial Goods indices closed flat. The Banking (+0.7%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was mixed (1.0x), as 24 tickers lost relative to 23 gainers. GUINEAINS (-10.0%) and CONOIL (-9.8%) recorded the highest losses of the day, while INFINITY (+9.8%) and SCOA (+9.5%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.1% to NGN865.03/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 74bps to 16.2%, in the absence of any significant inflow into the system.
Trading in the NTB secondary market was bullish, as the average yield contracted by 15bps to 10.9%. Across the curve, the average yield was unchanged at the short and mid segments but declined at the long (-30bps) end due to demand for the 317DTM (-140bps) bill. Elsewhere, the average yield pared by 1bp to 14.6% at the OMO segment.
Similarly, activities in the FGN bond secondary market were bullish, as the average yield declined by 15bps to 14.8%. Across the benchmark curve, the average yield expanded at the short (+9bps) and mid (+10bps) segments due to sell pressures on the APR-2029 (+50bps) and JUL-2030 (+29bps) bonds, respectively, but contracted at the long (-37bps) end following participants’ demand for the JAN-2042 (-70bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
