February 20, 2024/Cordros Report
EQUITIES
Bearish sentiments continued in the local bourse following sell pressures on BUACEMENT (-10.0%) and FBNH (-8.4%). As a result, the All-Share Index declined by 1.3% to close at 101,060.67 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -0.1% and +35.2%, respectively.
The total volume traded decreased by 6.5% to 256.16 million units, valued at NGN6.63 billion, and exchanged in 8,783 deals. TRANSCORP was the most traded stock by volume at 39.75 million units, while GEREGU was the most traded stock by value at NGN1.11 billion.
Sectoral performance was broadly negative, as the Insurance (-3.9%), Industrial Goods (-3.6%), Banking (-2.4%), and Consumer Goods (-0.9%) indices settled lower, while the Oil & Gas (+0.2%) index recorded gains.
As measured by market breadth, market sentiment was negative (0.2x), as 42 tickers lost relative to 7 gainers. HONYFLOUR (-10.0%) and BUACEMENT (-10.0%) topped the losers’ list, while ETERNA (+6.2%) and VERITASKAP (+6.0%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 3.1% to NGN1,551.24/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 644bps to 23.9%, in the absence of any significant funding pressure on the system.
The Treasury bills secondary market traded on a mixed note, albeit with a bullish tilt, as the average yield declined by 1bp to 15.44%. Across the curve, the average yield closed flat at the short end but pared at the mid (-1bp) and long (-1bp) segments due to demand for the 170DTM (-1bp) and 352DTM (-1bp) bills, respectively. Similarly, the average yield contracted by 1bp to 17.8% in the OMO segment.
The Treasury bonds secondary market closed on a bullish note, as the average yield dipped by 4bps to 16.2%. Across the benchmark curve, the average yield declined at the short (-14bps) end as investors showed interest in the MAR-2024 (-83bps) bond. Meanwhile, the average yield was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
