December 19, 2023/Cordros Report
EQUITIES
The local bourse extended yesterday’s gain following investors’ interest in MTNN (+0.6%) and UBA (+3.1%). As a result, the All-Share Index inched higher by 0.1% to close at 72,470.10 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +1.6% and +41.4%, respectively.
The total volume traded increased by 26.8% to 411.21 million units, valued at NGN6.95 billion, and exchanged in 6,870 deals. UPDCREIT was the most traded stock by volume at 42.03 million units, while GTCO was the most traded stock by value at NGN902.20 million.
Analysing by sectors, the Banking (+1.9%), Insurance (+0.4%), and Industrial Goods (+0.2%) indices recorded gains, while the Oil & Gas index closed flat. Conversely, the Consumer Goods (-0.2%) index was the sole loser for the day.
As measured by market breadth, market sentiment was positive (2.6x), as 34 tickers gained relative to 13 losers. CAVERTON (+10.0%) and INFINITY (+10.0%) topped the gainers’ list, while OMATEK (-10.0%) and PRESTIGE (-9.6%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 5.2% to NGN844.85/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 50bps to 22.6%, in the absence of any significant outflows from the system.
The NTB secondary market traded with mixed sentiments but with a bearish undertone, as the average yield expanded slightly by 1bp to 8.3%. Across the curve, the average yield was unchanged at the short and mid segments but expanded at the long (+2bps) end, as participants sold off the 233DTM (+22bps) bill. Elsewhere, the average yield declined by 154bps to 11.4% in the OMO segment.
The FGN bond secondary market closed on a bullish note, as the average yield contracted by 5bps to 14.4%. Across the benchmark curve, the average yield contracted at the short (-2bps), mid (-9bps) and long (-5bps) segments as investors demanded the APR-2029 (-9bps), JUN-2033 (-9bps) and MAR-2035 (-9bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
