January 24, 2024/Cordros Report
EQUITIES
The bullish momentum in the domestic equities market grew stronger as investors continued to seek bargains in DANGCEM (+6.5%) and BUACEMENT (+10.0%). Consequently, the NGX ASI advanced by 3.0% to 101,571.11 points — the highest point on record — as the Year-to-Date gain printed +35.8%.
The total volume traded declined by 34.7% to 488.49 million units, valued at NGN8.04 billion, and exchanged in 12,080 deals. TRANSCORP was the most traded stock by volume and value at 95.11 million units and NGN1.59 billion, respectively.
Analysing by sectors, the Industrial Goods (+7.6%), Consumer Goods (+4.1%) and Oil & Gas (+0.1%) indices recorded gains, while the Insurance (-1.5%) and Banking (-0.6%) indices declined.
As measured by market breadth, market sentiment was positive (1.2x), as 35 tickers gained relative to 30 losers. WAPIC (+10.0%) and BUACEMENT (+10.0%) topped the gainers’ list, while NEM (-10.0%) and CADBURY (-10.0%) recorded the most significant losses of the day.
CURRENCY
The naira depreciated by 0.4% to NGN882.24/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 90bps to 20.0%, following the inflow from FGN bond coupon payments (NGN21.55 billion).
The Treasury bills secondary market traded with bearish sentiments, as the average yield expanded significantly by 255bps to 6.7%. Across the curve, the average yield was flat at the short and mid segments but advanced at the long (+511bps) end following sell pressures on the 211DTM (+791bps) bill. Meanwhile, the average yield was unchanged at 8.4% in the OMO segment.
Similarly, the FGN bond secondary market closed on a bearish note, as the average yield expanded by 2bps to 13.5%. Across the benchmark curve, the average yield closed flat at the short and mid segments but increased at the long (+3bps) end driven by profit-taking activities in the MAR-2050 (+40bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
