February 21, 2024/Cordros Report
EQUITIES
The domestic stock market reversed yesterday’s loss as renewed interest in BUACEMENT (+4.9%) and FBNH (+10.0%) supported today’s performance. Specifically, the NGX ASI inched higher by 0.3% to close at 101,362.38 points. Accordingly, the Month-to-Date and Year-to-Date returns increased to +0.2% and +35.6%, respectively.
The volume of trade increased by 18.2% to 302.74 million units, valued at NGN6.55 billion, and exchanged in 8,611 deals. FBNH was the most traded stock by volume and value at 39.38 million units and NGN1.10 billion, respectively.
On sectors, the Industrial Goods (+1.6%), Banking (+0.3%) and Oil & Gas (+0.1%), indices advanced, while the Insurance (-2.5%) and Consumer Goods (-0.2%) indices declined.
As measured by market breadth, market sentiment was negative (0.2x), as 42 tickers lost relative to 10 gainers. OKOMUOIL (-10.0%) and MORISON (-9.7%) recorded the highest losses of the day, while FBNH (+10.0%) and MBENEFIT (+9.4%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.6% to NGN1,542.58/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 148bps to 25.4%, following the debits for Monday’s FGN bond auction (NGN1.49 trillion).
Sentiments in the NTB secondary market were bullish, as the average yield declined marginally by 1bp to 15.4%. Across the curve, the average yield closed flat at the short end but contracted at the mid (-1bp) and long (-1bp) segments, due to buying interest in the 169DTM (-1bp) and 351DTM (-1bp) bills, respectively. In the same vein, the average yield pared by 1bp to 17.8% in the OMO segment.
Meanwhile, the FGN bond secondary market closed on a bearish note, as the average yield expanded by 19bps to 16.4%. Across the benchmark curve, the average yield advanced at the short (+22bps), mid (+26bps) and long (+15bps) segments as participants sold off the APR-2029 (+131bps), JUL-2030 (+76bps) and MAR-2036 (+153bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
