December 14, 2023/Cordros Report
EQUITIES
Positive sentiments dominated the domestic equities market for the fourth consecutive day as buying interests in ACCESSCORP (+3.4%), ZENITHBANK (+1.9%) and UBA (+2.5%) pushed the NGX ASI higher by 0.2% to 72,455.83 points. Accordingly, the MTD and YTD returns printed +1.5% and +41.4%, respectively.
The total traded volume increased by 3.1% to 446.58 million units, valued at NGN7.26 billion, and exchanged in 6,845 deals. ACCESSCORP was the most traded stock by volume and value at 77.25 million units and NGN1.76 billion, respectively.
On sectoral performance, the Banking (+1.9%) index advanced while the Insurance (-1.9%) index declined. Conversely, the Industrial Goods, Consumer Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as 26 tickers gained relative to 25 losers. INFINITY (+9.8%) and JOHNHOLT (+9.7%) topped the gainers’ list, while RTBRISCOE (-9.8%) and UPDCREIT (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.4% to NGN901.41/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 221bps to 20.4%, following the debits for yesterday’s net NTB issuance (NGN250.00 billion).
Trading in the T-bills secondary market was bullish, as the average yield contracted by 254bps to 8.3%. Across the curve, the average yield declined across the short (-189bps), mid (-269bps) and long (-276bps) segments due to bargain hunting for the 56DTM (-380bps), 147DTM (-311bps) and 210DTM (-611bps) bills, respectively. Similarly, the average yield contracted by 162bps to 12.9% in the OMO segment.
Activities in the FGN bond secondary market were bullish, as the average yield declined by 43bps to 14.4%. Across the benchmark curve, the average yield contracted at the short (-53bps), mid (-11bps) and long (-46bps) segments, driven by players’ demand for the MAR-2024 (-149bps), JUL-2030 (-40bps) and JUN-2053 (-63bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
