February 12, 2024/Cordros Report
EQUITIES
The Nigerian equities market opened the week with positive sentiments underpinned by buying interests in GEREGU (+6.8%) and BUAFOODS (+1.1%). Thus, the All-Share Index notched a 0.2% gain to close at 102,042.32 points. Accordingly, the Month-to-Date and Year-to-Date returns advanced to +0.9% and +36.5%, respectively.
The total volume traded declined by 24.7% to 242.43 million units, valued at NGN5.13 billion, and exchanged in 8,715 deals. ACCESSCORP was the most traded stock by volume at 24.90 million units, while GTCO was the most traded stock by value at NGN841.25 million.
Analysing by sectors, the Insurance (+2.3%), Consumer Goods (+0.6%) and Oil & Gas (+0.2%) indices recorded gains while the Banking (-0.9%) and Industrial Goods (-0.1%) indices posted losses.
As measured by market breadth, market sentiment was positive (1.3x), as 30 tickers gained relative to 23 losers. NCR (+10.0%) and ROYALEX (+10.0%) recorded the highest gains of the day, while INFINITY (-9.9%) and JOHNHOLT (-9.9%) topped the losers’ list.
CURRENCY
The naira depreciated by 4.2% to NGN1,534.39/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 90bps to 16.1%, in the absence of any significant inflows into the system.
The NTB secondary market traded with bullish sentiments, as the average yield declined by 4bps to 15.3%. Across the curve, the average yield dipped across the short (-1bp), mid (-2bps) and long (-6bps) segments, driven by demand for the 87DTM (-2bps), 178DTM (-2bps) and 360DTM (-47bps) bills, respectively. Similarly, the average yield contracted by 3bps to 17.9% in the OMO segment.
Conversely, activities in the FGN bond secondary market were bearish, as the average yield expanded by 6bps to 15.6%. Across the benchmark curve, the average yield decreased at the short (-3bps) end following bargain hunting in the MAR-2024 (-18bps) bond but advanced at the mid (+42bps) segment as investors sold off the JUN-2033 (+125bps) bond. Elsewhere, the average yield closed flat at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
