January 17, 2024/Cordros Report
EQUITIES
The domestic equities market recorded its third consecutive gain this week driven by sustained bargain hunting in DANGCEM (+9.9%). Thus, the NGX ASI advanced by 2.4% to close at 90,063.27 points, as the Year-to-Date gain increased to +20.5%.
The total volume of trades increased by 19.3% to 1.30 billion units, valued at NGN16.38 billion, and exchanged in 17,471 deals. STERLINGNG was the most traded stock by volume at 106.14 million units, while NB was the most traded stock by value at NGN2.02 billion.
Performance across our coverage sectors was largely positive, as the Industrial Goods (+8.8%), Insurance (+3.6%), Consumer Goods (+1.9%) and Oil & Gas (+0.5%) indices advanced. Meanwhile, the Banking (-3.3%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.3x), as 45 tickers gained relative to 35 losers. AIICO (+10.0%) and WEMABANK (+10.0%) recorded the highest gains of the day, while RTBRISCOE (-10.0%) and DANGSUGAR (-10.0%) topped the losers’ list.
CURRENCY
The naira depreciated by 5.7% to NGN931.23/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 217bps to 19.4%, in the absence of any significant outflows from the system.
Activities in the Treasury bills secondary market stayed calm, as the average yield remained at 3.0%. Elsewhere, the average yield was flat at 8.4% in the OMO segment.
Conversely, the Treasury bonds secondary market closed on a bearish note, as the average yield expanded by 18bps to 13.5%. Across the benchmark curve, the average yield advanced at the short (+21bps), mid (+46bps) and long (+7bps) segments, as market participants sold off the APR-2029 (+85bps), JUL-2030 (+64bps) and JUL-2034 (+50bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
