January 30, 2024/Cordros Research
EQUITIES
Bearish sentiments resurfaced in the local stock market after two weeks of sustained positive performance, as sell pressures on ACCESSCORP (-10.0%) and UBA (-9.7%) caused a 1.5% decline in the benchmark index. Thus, the All-Share Index settled at 103,110.15 points. Consequently, the Year-to-Date gain declined to +37.9%.
The total volume traded decreased by 5.9% to 648.95 million units, valued at NGN11.09 billion, and exchanged in 14,579 deals. JAPAULGOLD was the most traded stock by volume at 59.80 million units, while UBA was the most traded stock by value at NGN1.23 billion.
From a sectoral perspective, losses in the Banking (-6.7%), Insurance (-6.4%), Consumer Goods (-2.6%), Oil & Gas (-0.6%), and Industrial Goods (-0.4%) indices reflected the overall market performance.
As measured by market breadth, market sentiment was negative (0.1x), as 60 tickers lost relative to 7 gainers. LINKASSURE (-10.0%) and MANSARD (-10.0%) topped the losers’ list, while UPDC (+8.1%) and GEREGU (+4.6%) recorded the most significant gains of the day.
CURRENCY
The naira printed NGN1,348.63/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of 30th January.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 40bps to 14.4%, in the absence of any significant inflows into the system.
Activities in the NTB secondary market were bearish, as the average yield expanded by 60bps to 8.9%. Across the curve, the average yield expanded at the short (+21bps), mid (+80bps) and long (+74bps) segments following selloffs of the 9DTM (+148bps), 163DTM (+138bps) and 282DTM (+183bps) bills, respectively. Similarly, the average yield increased by 125bps to 9.6% in the OMO segment.
The Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 10bps to 14.0%. Across the benchmark curve, the average yield increased at the short (+18bps) and long (+8bps) ends due to profit-taking activities on the MAR-2027 (+151bps) and JUN-2053 (+66bps) bonds, respectively. Meanwhile, the average yield was flat at the mid segment.
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