December 22, 2023/Cordros Report
EQUITIES
The Nigerian equities market recorded its first loss of the week, as sell pressures on MTNN (-3.8%) undermined market performance. As a result, the NGX ASI declined by 0.4% to close at 74,023.27 points. Accordingly, the Month-to-Date and Year-to-Date gains declined to +3.7% and +44.4%, respectively.
The total volume traded decreased by 44.4% to 423.30 million units, valued at NGN16.58 billion, and exchanged in 6,333 deals. UNIVINSURE was the most traded stock by volume at 41.94 million units, while GEREGU was the most traded stock by value at NGN6.62 billion.
Sectoral performance was mixed, as the Insurance (+1.2%) index advanced, while the Oil & Gas, Consumer Goods and Industrial Goods indices closed flat. The Banking (-0.8%) index declined.
As measured by market breadth, market sentiment was positive (1.7x), as 32 tickers gained relative to 19 losers. MULTIVERSE (+10.0%) and TRANSCOHOT (+10.0%) recorded the most significant gains of the day, while INTBREW (-8.3%) and PRESTIGE (-7.8%) topped the gainers’ list.
CURRENCY
The naira depreciated by 2.7% to NGN885.88/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 31bps to 15.3%, in the absence of any significant inflow into the system.
The Treasury bills secondary market activities were bullish, as the average yield declined by 4bps to 8.1%. Across the curve, the average yield declined at the short (-15bps) end following demand for the 76DTM (-76bps) bill but closed flat at the mid and long segments. Elsewhere, the average yield was unchanged at 11.4% in the OMO segment.
Proceedings in the Treasury bond secondary market were calm, as the average yield closed flat at 14.4%.
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