December 29, 2023/Cordros Report
EQUITIES
The domestic bourse ended the last trading session of the year on a bullish note as bargain hunting in TRANSCOHOT (+10.0%) and STANBIC (+5.5%) triggered a 0.4% gain in the benchmark index. As a result, the All-share Index closed at 74,773.77 points – the highest point on record. Sequentially, the Month-to-Date and Year-to-Date gains increased to +4.8% and +45.9%, respectively.
The total volume of trades decreased by 0.6% to 368.63 million units, valued at NGN12.82 billion, and exchanged in 6,732 deals. ZENITHBANK was the most traded stock by volume at 28.88 million units, while GEREGU was the most traded stock by value at NGN7.22 billion.
Sectoral performance was mixed, as the Insurance (+2.9%), Banking (+1.1%) and Oil & Gas (+0.1%) indices advanced while the Consumer Goods (-1.4%) index declined. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (3.2x), as 48 tickers gained relative to 15 losers. TRANSCOHOT (+10.0%) and LEARNAFRCA (+10.0%) recorded the most significant gains of the day, while SUNUASSUR (-5.2%) and FTNCOCOA (-4.5%) topped the losers’ list.
CURRENCY
The naira appreciated by 15.0% to NGN907.11/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 23bps to 15.5%, in the absence of any significant inflows into the system.
Activities in the Nigerian Treasury bills secondary market were calm as the average yield remained at 6.3%. Similarly, the average yield was flat at 11.4% in the OMO segment.
Trading in the Treasury bond secondary market was bullish, as the average yield declined by 6bps to 14.1%. Across the benchmark curve, the average yield closed flat at the short end but dipped at the mid (-31bps) and long (-3bps) segments following buying interest in the APR-2032 (-48bps) and JUN-2053 (-26bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
