December 11, 2023/Cordros Report
EQUITIES
The local bourse kicked off this week on a bullish note, as buying interest in ETI (+9.9%) and MTNN (+0.6%) drove the NGX ASI higher by 0.2% to 71,669.91 points. Subsequently, the Month-to-Date and Year-to-Date returns increased to +0.4% and +39.8%, respectively.
The total volume traded declined by 25.5% to 375.32 million units, valued at NGN3.85 billion, and exchanged in 7,011 deals. VERITASKAP was the most traded stock by volume at 88.84 million units, while ACCESSCORP was the most traded stock by value at NGN612.70 million.
Sectoral performance was mixed, as the Banking (+1.6%) and Industrial Goods (+0.2%) indices recorded gains, while the Insurance (-0.2%) index declined. Meanwhile, the Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 27 tickers gained relative to 23 losers. ETI (+9.9%) and DEAPCAP (+9.8%) recorded the most significant gains of the day, while RTBRISCOE (-9.7%) and NSLTECH (-9.3%) topped the losers’ list.
CURRENCY
The naira appreciated by 27.2% to NGN864.29/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 263bps to 17.0%, in the absence of any significant inflows into the system.
The Treasury bills secondary market traded with mixed sentiments but with a bullish bias, as the average yield pared by 1bp to 11.0%. Across the curve, the average yield closed flat at the short end but dipped at the mid (-1bp) and long (-2bps) segments, following demand for the 178DTM (-1bp) and 346DTM (-2bps) bills, respectively. Likewise, the average yield contracted by 2bps to 14.6% at the OMO segment.
Elsewhere, trading in the Treasury bond secondary market was quiet, as investors anticipated today’s auction result. Thus, the average yield closed flat at 14.9%.
Kindly see below our Mutual Fund prices and returns as of today.
