December 21, 2023/Cordros Report
EQUITIES
Local stocks closed higher for the fourth consecutive session as buying interest in MTNN (+5.4%) drove a 1.2% increase in the benchmark index. Consequently, the All-Share Index closed at 74,289.02 points, with the Month-to-Date and Year-to-Date returns increasing to +4.1% and 45.0%, respectively.
The total volume traded advanced by 37.2% to 760.93 million units, valued at NGN13.03 billion, and exchanged in 7,990 deals. ABBEYBDS was the most traded stock by volume at 224.08 million units, while NESTLE was the most traded stock by value at NGN2.65 billion.
Analysing by sectors, the Banking (+1.4%) and Insurance (+0.6%) indices recorded gains, while the Consumer Goods (-0.2%) and Oil & Gas (-0.1%) indices declined. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.7x), as 49 tickers gained relative to 18 losers. IMG (+10.0%) and TRANSCORP (+10.0%) topped the gainers’ list, while JOHNHOLT (-10.0%) and ELLAHLAKES (-9.9%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 0.9% to NGN861.91/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 150bps to 15.6%, in the absence of any significant inflows from the system.
The NTB secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 8.2%. Across the curve, the average yield contracted at the short (-5bps) end as participants demanded the 63DTM (-25bps) bill but closed flat at the mid and long segments. Meanwhile, the average yield was unchanged at 11.4% in the OMO segment.
Elsewhere, the FGN bonds secondary market traded with mixed sentiments but with a bearish bias, as the average yield expanded by 1bp to 14.4%. Across the benchmark curve, the average yield closed flat at the short and mid segments but increased at the long (+2bps) end following sell pressures on the JUN-2053 (+16bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
