February 5, 2024/Cordros Report
EQUITIES
The domestic equities market resumed the week’s trading on a bearish note, as profit-taking activities in MTNN (+5.5%) undermined market performance. As a result, the All-Share Index dipped by 0.7% to 103,659.81 points, with the Month-to-Date and Year-to-Date returns moderating to +2.5% and +38.6%, respectively.
The total volume traded decreased by 10.8% to 841.55 million units, valued at NGN19.33 billion, and exchanged in 13,674 deals. FBNH was the most traded stock by volume and value at 332.30 million units and NGN8.95 billion, respectively.
Sectoral performance was mixed, as the Insurance (+2.7%) index advanced while the Banking (-2.3%) index declined. Meanwhile, the Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (1.0x), as 27 tickers lost relative to 26 gainers. ABBEYBDS (-9.7%) and LIVESTOCK (-9.7%) recorded the most significant losses of the day, while MEYER (+10.0%) and DAARCOMM (10.0%) topped the gainers’ list.
CURRENCY
The naira appreciated by 1.1% to NGN1,419.86/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 170bps to 22.9%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded with bearish sentiments, as the average yield advanced by 20bps to 9.9%. Across the curve, the average yield closed flat at the short end but pared at the mid (-1bp) segment following mild interest in the 171DTM (-1bp) bill. However, the average yield expanded at the long (+40bps) end as investors sold off the 290DTM (+468bps) bill. Elsewhere, the average yield declined marginally by 1bp to 9.6% in the OMO segment.
Similarly, activities in the FGN bonds secondary market were bearish, as the average yield expanded by 58bps to 15.3%. Across the benchmark curve, the average yield increased across the short (+20bps), mid (+39bps) and long (+87bps) segments, driven by sell pressures on the FEB-2028 (+118bps), JUN-2033 (+118bps) and JUL-2034 (+227bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
