January 15, 2024/Cordros Report
EQUITIES
The Nigerian equities market saw continued dominance by the bulls at the start of the week, driven by the increased demand for DANGCEM (+7.1%). Accordingly, the benchmark index settled 1.9% higher to close at 84,640.89 points, with the Year-to-Date return increasing to +13.2%.
The total volume traded advanced by 34.4% to 807.51 million units, valued at NGN11.03 billion, and exchanged in 13,647 deals. TRANSCORP was the most traded stock by volume at 66.89 million units, while NASCON was the most traded stock by value at NGN1.09 billion.
From a sectoral perspective, gains in the Insurance (+7.2%), Industrial Goods (+4.4%), Consumer Goods (+1.8%), Banking (+1.3%) and Oil & Gas (+0.1%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was positive (8.3x), as 66 tickers gained relative to 8 losers. PZ (+10.0%) and SOVRENINS (+10.0%) recorded the highest gains of the day, while ABBEYBDS (-9.5%) and JBERGER (-3.5%) topped the losers’ list.
CURRENCY
The naira appreciated by 6.2% to NGN838.95/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 395bps to 21.8%, in the absence of any significant funding pressure on the system.
The Treasury bills secondary market traded in a lull as the average yield remained at 3.0%. Meanwhile, the average yield pared by 1bp to 8.4% in the OMO segment.
The Treasury bonds secondary market traded with bullish sentiments, as the average yield declined marginally by 1bp to 13.3%. Across the benchmark curve, the average yield closed flat at the short end, but dipped at the mid (-5bps) and long (-1bp) segments following buying interest in the JUN-2033 (-16bps) and JUN-2034 (-30bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
