February 15, 2024/Cordros Report
EQUITIES
The domestic equities market extended yesterday’s bullish performance following investors’ interest in BUACEMENT (+5.9%). As a result, the All-Share Index gained 0.6% to close at 104,100 points. Consequently, the Month-to-Date and Year-to-Date returns increased to +2.9% and +39.2%, respectively.
The total volume traded declined by 35.4% to 275.91 million units, valued at NGN6.70 billion, and exchanged in 8,049 deals. GTCO was the most traded stock by volume and value at 56.61 million units and NGN2.22 billion, respectively.
From a sectoral perspective, the Industrial Goods (+2.0%), Consumer Goods (+0.2%) and Insurance (+0.2%) indices recorded gains, while the Oil & Gas index closed flat. The Banking (-1.3%) index was the sole loser of the day.
As measured by market breadth, market sentiment was negative (0.9x), as 26 tickers lost relative to 23 gainers. UNILEVER (-9.8%) and JBERGER (-9.6%) recorded the most significant losses of the day, while UPL (+10.0%) and MBENEFIT (+9.4%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.3% to NGN1,498.25/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 35bps to 15.1%, in the absence of any significant inflows into the system.
Trading in the Treasury bills secondary market was bullish, as the average yield contracted by 20bps to 15.0%. Across the curve, the average yield declined at the short (-12bps), mid (-35bps) and long (-17bps) segments due to demand for the 28DTM (-49bps), 175DTM (-110bps) and 266DTM (-49bps) bills, respectively. Elsewhere, the average yield pared by 1bp to 17.8% at the OMO segment.
The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 29bps to 16.2%. Across the benchmark curve, the average yield contracted at the short (-8bps) end driven by buying interests on the MAR-2024 (-50bps) bond but advanced at the long (+60bps) end following sell pressures on the APR-2049 (+186bps) bond. The average yield was unchanged at the mid segment.
Kindly see below our Mutual Fund prices and returns as of today.
