December 28, 2023/Cordros Report
EQUITIES
The local stock market reversed yesterday’s loss, as investors’ interest in MTNN (+5.4%) pushed the All-Share Index 1.0% higher to 74,502.58 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +4.4% and +45.4%, respectively.
The total volume traded declined by 14.3% to 371.02 million units, valued at NGN5.47 billion, and exchanged in 8,215 deals. JAIZBANK was the most traded stock by volume at 49.40 million units, while ZENITHBANK was the most traded stock by value at NGN1.06 billion.
On sectors, the Insurance (+2.1%), Industrial Goods (+1.1%) and Consumer Goods (+0.1%) indices recorded gains, while the Banking (-0.2%) index declined. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.3x), as 34 tickers gained relative to 27 losers. IKEJAHOTEL (+10.0%) and MULTIVERSE (+10.0%) topped the gainers’ list, while UACN (-10.0%) and JOHNHOLT (-9.7%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 16.4% to NGN1043.09/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 65bps to 15.7%, in the absence of any significant inflow into the system.
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 161bps to 6.3%. Across the curve, the average yield declined at the short (-134bps), mid (-191bps) and long (-128bps) segments as participants demanded the 70DTM (-224bps), 105DTM (-261bps) and 301DTM (-256bps) bills, respectively. Elsewhere, the average yield was unchanged at 11.4% in the OMO segment.
Proceedings in the FGN bond secondary market were bullish, as the average yield contracted by 6bps to 14.2%. Across the benchmark curve, the average yield contracted at the short (-13bps) and long (-3bps) ends as investors demanded the MAR-2024 (-76bps) and APR-2049 (-27bps) bonds, respectively. Conversely, the average yield was flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
