January 10, 2024/Cordros Report
EQUITIES
The local stock market paused its winning streak in today’s trading session as profit-taking activities in MTNN (-4.4%) and tier-1 banking names undermined market performance. Thus, the All-Share index closed lower by 1.4% to 82,024.38 points. Consequently, the Year-to-Date return moderated to +9.7%.
The total volume traded increased by 16.4% to 1.64 billion units, valued at NGN25.38 billion, and exchanged in 20,223 deals. TRANSCORP was the most traded stock by volume at 117.64 million units, while GTCO was the most traded stock by value at NGN3.28 billion.
Analysing by sectors, the Banking (+8.0%), Insurance (-6.1%) and Oil & Gas (-0.4%) indices printed losses while the Consumer Goods (+2.5%) and Industrial Goods (+1.4%) indices advanced.
As measured by market breadth, market sentiment was negative (0.2x), as 60 tickers lost relative to 13 gainers. FTNCOCOA (-10.0%) and CAVERTON (-10.0%) recorded the highest losses of the day, while CADBURY (+9.9%) and VERITASKAP (+9.8%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.7% to NGN1082.32//USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 840bps to 15.4%, in the absence of any significant funding pressure on the system.
Trading activities in the T-bills secondary market were bearish, as the average yield advanced by 19bps to 4.0%. Across the curve, the average yield closed flat at the short and mid segments but expanded at the long (+32bps) end following selloffs of the 316DTM (+419bps) bill. Meanwhile, the average yield remained at 8.4% in the OMO segment.
Proceedings in the FGN bonds secondary market were bearish, as the average yield expanded slightly by 1bp to 13.5%. Across the benchmark curve, the average yield increased at the short (+3bps) end, following sell pressures on the MAR-2024 (+20bps) bond. Conversely, the average yield was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
