January 9, 2024/Cordros Report
EQUITIES
The Nigerian equities market saw a surge in bullish momentum, propelled by renewed interest in DANGCEM (+3.7%) and MTNN (+3.5%), which drove the benchmark index higher by 3.6% – the highest point since 30th June 2023 (+4.0%). As a result, the NGX ASI concluded the session at 83,191.84 points. Accordingly, the Year-to-Date return increased to +11.3%.
The total volume traded advanced by 18.5% to 1.41 billion units, valued at NGN24.68 billion, and exchanged in 17,144 deals. FIDELITYBK was the most traded stock by volume at 141.75 million units, while UBA was the most traded stock by value at NGN3.78 billion.
On sectors, the Banking (+8.2%), Insurance (+6.4%), Consumer Goods (+4.0%), and Industrial Goods (+2.5%) indices recorded gains, while the Oil & Gas (-2.4%) index declined.
As measured by market breadth, market sentiment was positive (5.4x), as 70 tickers gained relative to 13 losers. CADBURY (+10.0%) and FBNH (+10.0%) recorded the most significant gains of the day, while TOTAL (-10.0%) and DAARCOMM (-9.4%) topped the losers’ list.
CURRENCY
The naira depreciated by 21.4% to NGN1,089.51/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 150bps to 7.0%, in the absence of any significant inflow into the system.
The Nigerian Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 53bps to 3.8%. Across the curve, the average yield declined at the short (-81bps), mid (-39bps) and long (-85bps) segments as participants demanded the 65DTM (-162bps), 93DTM (-161bps) and 352DTM (-244bps) bills, respectively. Elsewhere, the average yield was unchanged at 8.4% in the OMO segment.
Similarly, the Treasury bond secondary market was bullish, as the average yield contracted by 24bps to 13.5%. Across the benchmark curve, the average yield dipped at the short (-22bps), mid (-4bps) and long (-30bps) segments as investors demanded the MAR-2024 (-92bps), JUN-2033 (-12bps) and APR-2037 (-68bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
