February 7, 2024/Cordros Report
EQUITIES
The Nigerian stock market traded with mixed sentiments today as the loss in DANGSUGAR (-5.6%) offset the gain in BUAFOODS (+3.8%). Consequently, the NGX ASI closed flat at 102,106.31 points. Accordingly, the MTD and YTD returns remained at +0.9% and +36.6%, respectively.
The total volume traded declined by 27.5% to 341.92 million units, valued at NGN6.41 billion, and exchanged in 9,665 deals. TRANSCORP was the most traded stock by volume at 39.90 million units, while GTCO was the most traded stock by value at NGN1.02 billion.
Performance across the sectors was mixed, as the Insurance (-1.5%), Banking (-1.5%) and Industrial Goods (-0.1%) indices declined while the Oil & Gas index was unchanged. The Consumer Goods (+1.3%) index was the sole gainer for the day.
As measured by market breadth, market sentiment was negative (0.5x) as 35 tickers lost relative to 17 gainers. AIICO (-9.9%) and CADBURY (-9.5%) recorded the most significant losses of the day, while MEYER (+10.0%) and TRIPPLEG (+9.8%) topped the gainers’ list.
CURRENCY
The naira appreciated by 1.1% to NGN1,418.78/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 283bps to 19.8%, in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market were bullish as the average yield contracted by 76bps to 11.2%. Across the curve, the average yield declined across the short (-8bps), mid (-44bps) and long (-133bps) segments, as participants demanded the 92DTM (-19bps), 169DTM (-66bps) and 323DTM (-267bps) bills, respectively. Elsewhere, the average yield was flat at 9.6% in the OMO segment.
Similarly, trading in the FGN bond secondary market was bullish, as the average yield dipped by 2bps to 15.3%. Across the benchmark curve, the average yield was unchanged at the short and mid segments but contracted at the long (-4bps) end following bargain hunting in the JAN-2042 (-21bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
