March 4, 2024/Cordros Report
EQUITIES
The local bourse commenced the week on a positive note as demand for BUACEMENT (+4.4%), TRANSCORP (+9.9%) and GEREGU (+2.4%) offset sell pressures on MTNN (-7.8%) and DANGSUGAR (-10.0%). As a result, the NGX ASI inched higher by 0.1% to 98,847.89 points, as the MTD and YTD returns printed -1.1% and +32.2%, respectively.
The total volume of trades increased by 16.9% to 429.64 million units, valued at NGN19.92 billion, and exchanged in 10,749 deals. TRANSCORP was the most traded stock by volume and value at 203.43 million and NGN3.19 billion, respectively.
Analysing by sectors, the Consumer Goods (-1.2%), Banking (-0.5%) and Insurance (-0.2%) indices posted losses, while the Oil & Gas index closed flat. The Industrial Goods (+1.6%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.9x), as 25 tickers lost relative to 22 gainers. UNITYBNK (-10.0%) and VITAFOAM (-10.0%) recorded the highest losses of the day, while TRANSCORP (+9.9%) and PZ (+9.9%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.9% to NGN1,534.19/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 70bps to 27.5%, despite the debits for the OMO auction (NGN1.06 trillion) conducted on Friday.
Sentiments in the NTB secondary market were bullish, as the average yield contracted by 3bps to 17.2%. Across the curve, the average yield declined at the short (-1bp), mid (-2bps) and long (-3bps) segments, driven by investors’ interest in the 80DTM (-2bps), 171DTM (-3bps) and 339DTM (-4bps) bills, respectively. Similarly, the average yield contracted by 3bps to 17.9% in the OMO segment.
Trading in the FGN bond secondary market was relatively quiet, as the average yield remained at 17.1%. Across the curve, the average yield inched higher at the short (+1bp) end, following profit-taking activities on the MAR-2025 (+3bps) bond but was unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
