December 13, 2023/Cordros Report
EQUITIES
The local bourse sustained the week’s bullish performance underpinned by bargain-hunting in ACCESSCORP (+8.1%) and FBNH (+5.0%). Thus, the All-Share Index closed higher by 0.6% to 72,299.79 points. Accordingly, the Month-to-Date and Year-to-Date returns increased to +1.3% and +41.1%, respectively.
The total volume traded advanced by 35.6% to 433.18 million units, valued at NGN8.08 billion, and exchanged in 6,650 deals. ACCESSCORP was the most traded stock by volume at 60.18 million units while GTCO was the most traded stock by value at NGN1.96 billion.
Analysing by sectors, the Banking (+3.4%) and Insurance (+0.9%) indices recorded gains while the Oil & Gas (-0.2%) and Consumer Goods (-0.2%) indices printed losses. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.3x), as 34 tickers gained relative to 15 losers. SCOA (+9.9%) and INFINITY (+9.9%) recorded the most significant gains of the day, while UPL (-9.8%) and SUNUASSUR (-9.4%) topped the losers’ list.
CURRENCY
The naira depreciated by 4.4% to NGN904.65/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 198bps to 18.2%, following debits for this month’s FGN bond PMA (NGN273.63 billion).
The Treasury bills secondary market traded in a lull as the average yield was unchanged at 10.8%. Conversely, the average yield declined by 1bp to 14.6% at the OMO segment.
Proceedings in the Treasury bonds secondary market was bearish, as the average yield expanded by 5bps to 14.8%. Across the benchmark curve, the average yield advanced at the short (+9bps) and mid (+14bps) segments due to sell pressure on the APR-2029 (+69bps) and JUL-2030 (+41bps) bonds, respectively. Elsewhere, the average yield was flat at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
