December 27, 2023/Cordros Report
EQUITIES
Trading in the Nigerian equities market started the week on a negative note as profit-taking activities in DANGCEM (-2.3%) undermined market performance. Specifically, the All-Share Index declined by 0.3% to close at 73,768.64 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to +3.4% and +43.9%, respectively.
The total volume traded increased by 2.3% to 432.91 million units, valued at NGN12.94 billion, and exchanged in 8,901 deals. JAIZBANK was the most traded stock by volume at 35.38 million units, while GEREGU was the most traded stock by value at NGN6.06 billion.
Analysing by sectors, the Insurance (+3.1%), Oil & Gas (+0.2%) and Banking (+0.2%) indices advanced, while the Industrial Goods (-1.1%) and Consumer Goods (-0.2%) indices declined.
As measured by market breadth, market sentiment was positive (1.8x), as 38 tickers gained relative to 21 losers. ETERNA (+10.0%) and MANSARD (+10.0%) recorded the most significant gains of the day, while UACN (-10.0%) and DEAPCAP (-7.3%) topped the losers’ list.
CURRENCY
The naira appreciated by 1.5% to NGN872.59/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 106bps to 16.4%, in the absence of any significant funding pressure on the system.
Activities in the Treasury bills secondary market were bullish as the average yield contracted by 21bps to 7.9%. Across the curve, the average yield dipped across the short (-65bps), mid (-1bp) and long (-7bps) segments driven by bargain hunting in the 92DTM (-219bps), 162DTM (-1bp) and 330DTM (-65bps) bills, respectively. Similarly, the average yield declined by 2bps to 11.4% in the OMO segment.
In the same vein, the FGN bond secondary market traded with bullish sentiments, as the average yield decreased by 14bps to 14.2%. Across the benchmark curve, the average yield declined at the short (-40bps) and long (-3bps) ends as investors demanded the MAR-2024 (-164bps) and APR-2037 (-15bps) bonds, respectively. Meanwhile, the average yield was unchanged at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
