February 8, 2024/Cordros Report
EQUITIES
Sentiments in the domestic equities market remained bearish as profit-taking activities in DANGSUGAR (-8.6%) and STANBIC (-7.7%) caused a 0.9% decline in the NGX ASI to 101,227.66 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to +0.1% and +35.4%, respectively.
The total volume traded increased by 39.9% to 478.38 million units, valued at NGN7.17 billion, and exchanged in 10,957 deals. UNIVINSURE was the most traded stock by volume at 42.77 million units, while ZENITHBANK was the most traded stock by value at NGN1.12 billion.
From a sectoral perspective, the Insurance (-4.2%), Banking (-2.3%), Consumer Goods (-1.9%), Oil & Gas (-0.5%), and Industrial Goods (-0.3%) indices printed losses.
As measured by market breadth, market sentiment was negative (0.1x), as 51 tickers lost relative to 6 gainers. STERLINGNG (-10.0%) and NASCON (-10.0%) topped the losers’ list, while MEYER (+10.0%) and TANTALIZER (+4.8%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 4.1% to NGN1,479.47/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 596bps to 25.8%, following the debits for yesterday’s NTB auction (NGN582.94 billion).
The Nigerian Treasury bills secondary market traded with bearish sentiments, as the average yield expanded significantly by 345bps to 14.6%. Across the curve, the average yield increased at the short (+435bps), mid (+449bps), and long (+221bps) segments as participants sold off the 49DTM (+744bps), 105DTM (+566bps), and 196DTM (+547bps) bills, respectively. Elsewhere, the average yield was flat at 9.6% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish, as the average yield expanded by 32bps to 15.6%. Across the benchmark curve, the average yield increased at the short (+108bps) end due to profit-taking activities on the MAR-2024 (+649bps) bond but dipped at the long (-5bps) end following demand for the JUN-2053 (-46bps) bond. Meanwhile, the average yield closed flat at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
