February 6, 2024/Cordros Report
EQUITIES
The local bourse sustained its bearish sentiments as investors sold off BUACEMENT (-10.0%). Thus, the All-Share Index closed lower by 1.5% to 102,108.05 points. Consequently, the Month-to-Date and Year-to-Date returns declined to +0.9% and +36.6%, respectively.
The total volume traded declined by 44.0% to 471.43 million units, valued at NGN7.33 billion, and exchanged in 11,544 deals. JAIZBANK was the most traded stock by volume at 90.78 million units, while GTCO was the most traded stock by value at NGN1.32 billion.
Analysing by sectors, the Industrial Goods (-3.8%), Banking (-2.3%), Insurance (-1.0%), and Consumer Goods (-0.2%) indices declined, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.3x), as 44 tickers lost relative to 13 gainers. BUACEMENT (-10.0%) and STERLINGNG (-9.9%) topped the losers’ list, while CADBURY (+10.0%) and MEYER (+9.9%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 1.0% to NGN1,433.89/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 590bps to 17.0%, following the inflows from OMO maturities (NGN25.00 billion).
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 206bps to 11.9%. Across the curve, the average yield expanded at the short (+53bps), mid (+198bps), and long (+294bps) segments following the sell pressures on the 79DTM (+128bps), 170DTM (+252bps) and 324DTM (+515bps) bills, respectively. Elsewhere, the average yield was flat at 9.6% in the OMO segment.
Likewise, the Treasury bond secondary market was bearish, as the average yield expanded by 3bps to 15.3%. Across the benchmark curve, the average yield increased at the short (+11bps) end due to profit-taking activities on the MAR-2027 (+47bps) bond but closed flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
