January 8, 2024/Cordros Report
EQUITIES
The local bourse carried on last week’s bullish run following bargain hunting in WAPCO (+9.7%) and TRANSCORP (+9.8%). Notably, the All-Share Index rose above the 80,000 psychological mark, advancing by 0.8% to 80,324.53 points. Accordingly, the Year-to-Date return increased to +7.4%.
The total volume traded increased by 33.3% to 1.19 billion units, valued at NGN15.26 billion, and exchanged in 16,081 deals. TRANSCORP was the most traded stock by volume and value at 298.30 million units and NGN4.08 billion, respectively.
From a sectoral perspective, gains in the Insurance (+6.3%), Banking (+2.2%), Industrial Goods (+0.7%), Oil & Gas (+0.6%), and Consumer Goods (+0.1%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was positive (3.1x), as 53 tickers gained relative to 17 losers. CORNERST (+10.0%) and CUTIX (+10.0%) topped the gainers’ list, while DAARCOMM (-9.3%) and ETERNA (-8.8%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 1.5% to NGN856.57/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 640bps to 8.5%, in the absence of any significant inflows into the system.
The NTB secondary market traded with bullish sentiments as the average yield contracted by 162bps to 4.3%. Across the curve, the average yield closed flat at the short end but declined at the mid (-146bps) and long (-195bps) segments, following buying interests in the 171DTM (-288bps) and 213DTM (-383bps) bills, respectively. Similarly, the average yield dipped by 246bps to 8.4% in the OMO segment.
Proceedings in the FGN bonds secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 13.8%. Across the benchmark curve, the average yield closed flat at the short and mid segments but pared at the long (-1bp) end as investors demanded the JUN-2053 (-9bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
