March 5, 2024/Cordros Report
EQUITIES
The Nigerian equities market extended yesterday’s positive sentiment following bargain hunting in FBNH (+9.9%) and TRANSCORP (+10.0%). Specifically, the All-Share Index notched a 0.4% gain to close at 99,190.46 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -0.8% and +32.7%, respectively.
The total volume traded declined by 7.3% to 398.13 million units, valued at NGN31.79 billion, and exchanged in 10,976 deals. TRANSPOWER was the most traded stock by volume and value at 87.49 million units and NGN25.41 billion, respectively.
From a sectoral perspective, the Insurance (-3.2%) and Consumer Goods (-0.8%) indices declined, while the Banking (+1.1%) index advanced. Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.2x), as 37 tickers lost relative to 8 gainers. NASCON (-10.0%) and INTBREW (-10.0%) topped the losers’ list, while TRANSCORP (+10.0%) and TRANSPOWER (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 4.3% to NGN1,602.43/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 155bps to 29.0%, in the absence of any significant funding pressure on the system.
The Treasury bills secondary market traded with mixed sentiments but with a bullish bias, as the average yield pared by 1bp to 17.2%. Across the curve, the average yield was flat at the short end but declined at the mid (-1bp) and long (-1bp) segments as players demanded the 170DTM (-1bp) and 338DTM (-1bp) bills, respectively. Similarly, the average yield pared by 1bp to 17.9% in the OMO segment.
Elsewhere, the Nigerian bonds secondary market traded with bearish sentiments, as the average yield expanded by 7bps to 17.2%. Across the benchmark curve, the average yield increased at the short (+25bps) end following the sell-off of the MAR-2024 (+147bps) bond but closed flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
