January 29, 2024/Cordros Report
EQUITIES
The Nigerian equities market extended the bullish streak from the prior week supported by a gain in DANGCEM (+9.9%). As a result, the All-Share Index notched higher by 2.2% to close at 104,674.67 points. Consequently, the Year-to-Date return advanced to +40.0%.
The total volume traded increased by 32.8% to 689.93 million units, valued at NGN25.94 billion, and exchanged in 15,887 deals. JAPAULGOLD was the most traded stock by volume at 83.86 million units, while DANGCEM was the most traded stock by value at NGN8.58 billion.
Sectoral performance was largely negative, as the Banking (-1.1%), Insurance (-0.9%), Consumer Goods (-0.3%) and Oil & Gas (-0.1%) indices declined. The Industrial Goods (+6.7%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.6x), as 37 tickers lost relative to 23 gainers. IKEJAHOTEL (-10.0%) and DAARCOMM (-10.0%) recorded the highest losses of the day, while OANDO (+10.0%) and DANGCEM (+9.9%) topped the gainers’ list.
CURRENCY
The naira depreciated by 33.9% to NGN1,348.63/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 403bps to 14.8%, in the absence of any significant inflows into the system.
Sentiments in the Treasury bills secondary market were bearish, as the average yield expanded by 160bps to 8.3%. Across the curve, the average yield advanced across the short (+224bps), mid (+310bps) and long (+37bps) ends driven by profit-taking activities on the 87DTM (+305bps), 164DTM (+422bps) and 192DTM (+468bps) bills, respectively. Meanwhile, the average yield declined marginally by 1bp to 8.4% in the OMO segment.
Similarly, the Treasury bond secondary market traded on a negative note, as the average yield increased by 17bps to 13.9%. Across the benchmark curve, the average yield expanded at the short (+53bps) end as market players sold off the MAR-2024 (+267bps) bond but was flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
