January 18, 2024/Cordros Report
EQUITIES
The bulls maintained their grip on the Nigerian equities market as buying interest in DANGCEM (+8.3%) prompted a 2.0% increase in the All-Share Index to 91,896.97 points. Consequently, the Year-to-Date return advanced to +22.9%.
The total volume traded declined by 12.2% to 1.14 billion units, valued at NGN19.29 billion, and exchanged in 17,804 deals. TRANSCORP was the most traded stock by volume and value at 156.62 million units and NGN2.96 billion, respectively.
Analysing by sectors, the Industrial Goods (+7.8%), Oil & Gas (+2.7%), and Consumer Goods (+0.9%) indices recorded gains, while the Insurance (-2.1%) and Banking (-1.9%) indices settled lower.
As measured by market breadth, market sentiment was negative (0.8x), as 42 tickers lost relative to 32 gainers. IKEJAHOTEL (-9.8%) and ROYALEX (-9.8%) topped the losers’ list, while CONOIL (+10.0%) and ETERNA (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 3.2% to NGN902.08/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 83bps to 20.3%, in the absence of any significant outflows from the system.
The NTB secondary market traded with bearish sentiments, as the average yield expanded by 2bps to 3.0%. Across the curve, the average yield expanded at the short (+7bps) end due to profit-taking on the 56DTM (+50bps) bill but closed flat at the mid and long segments. Elsewhere, the average yield was flat at 8.4% in the OMO segment.
Similarly, proceedings in the FGN bonds secondary market were bearish, as the average yield expanded by 3bps to 13.5%. Across the benchmark curve, the average yield closed flat at the short end but increased at the mid (+3bps) and long (+6bps) segments following the sell-off of the JUN-2033 (+8bps) and JUN-2034 (+16bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
