February 27, 2024/Cordros Report
EQUITIES
The local bourse traded lower in today’s session as profit-taking activities in MTNN (-9.9%) and FBNH (-10.0%) triggered a 1.4% decrease in the benchmark Index. Thus, the NGX ASI settled at 100,582.89 points, with the Month-to-Date and Year-to-Date returns printing -0.6% and +34.5%, respectively.
The volume of trade declined by 4.7% to 280.46 million units, valued at NGN6.12 billion, and exchanged in 9,141 deals. TRANSCORP was the most traded stock by volume at 44.41 million units, while NASCON was the most traded stock by value at NGN893.68 million.
Analysing by sectors, the Banking (-3.4%), Insurance (-2.2%), Consumer Goods (-0.2%) and Industrial Goods (-0.1%) indices settled lower, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.4x), as 25 tickers lost relative to 9 gainers. FBNH (-10.0%) and MULTIVERSE (-10.0%) topped the losers’ list, while OMATEK (+9.9%) and AFRIPRUD (+9.9%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 2.0% to NGN1,615.94/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 246bps to 26.7%, in the absence of any significant funding pressure on the system.
The Nigerian Treasury bills secondary market traded with mixed sentiments, albeit with a bullish bias, as the average yield pared by 1bp to 16.6%. Across the curve, the average yield was unchanged at the short end but contracted at the mid (-1bp) and long (-1bp) segments, following mild interests in the 177DTM (-1bp) and 345DTM (-1bp) bills, respectively. Elsewhere, the average yield expanded slightly by 1bp to 18.1% in the OMO segment.
Meanwhile, proceedings in the Nigerian Treasury bonds secondary market were bearish, as the average yield expanded by 2bps to 16.8%. Across the benchmark curve, the average yield closed flat at the short end but expanded at the mid (+7bps) and long (+1bp) segments as investors sold off the JUN-2033 (+28bps) and JUN-2053 (+9bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
