February 1, 2024/Cordros Report
EQUITIES
The bulls returned to the local stock market as investors’ interest in BUAFOODS (+4.9%) and tier-1 banking stocks drove the benchmark index 1.6% higher. As a result, the All-Share Index settled at 102,802.25 points. Accordingly, the Month-to-Date and Year-to-Date returns printed +1.6% and +37.5%, respectively.
The total volume traded increased by 14.9% to 861.01 million units, valued at NGN12.16 billion, and exchanged in 12,851 deals. UNIVINSURE was the most traded stock by volume at 113.76 million units, while ZENITHBANK was the most traded stock by value at NGN2.76 billion.
From a sectoral perspective, the Banking (+7.8%), Consumer Goods (+4.4%), Insurance (+2.2%), and Industrial Goods (+0.4%) indices recorded gains, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (3.1x), as 52 tickers gained relative to 17 losers. CAVERTON (+10.0%) and CHAMS (+10.0%) recorded the most significant gains of the day, while DEAPCAP (-9.9%) and CWG (-9.9%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.4% to NGN1,461.90/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 252bps to 22.9%, in the absence of any significant outflows from the system.
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 10bps to 9.1%. Across the curve, the average yield dipped at the short (-33bps) end following buying interests on the 35DTM (-233bps) bill but closed flat at the mid and long segments. Elsewhere, the average yield remained at 9.6% in the OMO segment.
Meanwhile, proceedings in the FGN bond secondary market were bearish, as the average yield expanded by 4bps to 14.4%. Across the benchmark curve, the average yield contracted at the short (-17bps) end, as investors demanded the MAR-2024 (-209bps) bond but expanded at the long (+17bps) end due to the sell-off of the APR-2049 (+113bps) bond. Conversely, the average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
