January 3, 2024/Cordros Report
EQUITIES
The local bourse sustained its bullish momentum in today’s trading, as the All-Share Index advanced by 2.0% to 77,537.57 points following investors’ interests in UBA (+10.0%), ACCESSCORP (+10.0%), and TRANSCOHOT (+10.0%). Consequently, the Year-to-Date return increased to +3.7%.
The total volume traded increased by 79.8% to 927.56 million units, valued at NGN10.69 billion, and exchanged in 11,629 deals. FIDELITYBK was the most traded stock by volume at 108.11 million units, while UBA was the most traded by value at NGN1.54 billion.
Sectoral performance was reflective of the overall market sentiment, as the Banking (+6.7%), Insurance (+5.5%), Consumer Goods (+2.4%), Oil & Gas (+1.9%) and Industrial Goods (+0.3%) indices all advanced.
As measured by market breadth, market sentiment was predominantly positive (10.9x), as 76 tickers gained relative to 7 losers. MORISON (+10.0%) and UPL (+10.0%) topped the gainers’ list, while LEARNAFRCA (-9.1%) and CHAMPION (-7.3%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 4.5% to NGN1,035.12/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 5bps to 16.0% in the absence of any significant outflows from the system.
Activities in the NTB secondary market were bullish, as the average yield contracted by 13bps to 6.2%. Across the curve, the average yield closed flat at the short and mid segments but declined at the long (-29bps) end following buying interest in the 232DTM (-90bps) bill. Similarly, the average yield contracted by 45bps to 10.9% in the OMO segment.
The FGN bond secondary market traded with bullish sentiments, as the average yield contracted by 23bps to 13.9%. Across the benchmark curve, the average yield dipped at the short (-22bps), mid (-25bps) and long (-23bps) segments due to demand for the APR-2029 (-95bps), JUL-2030 (-56bps) and APR-2037 (-40bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
