March 6, 2024/Cordros Report
EQUITIES
Local stocks closed higher for the third consecutive session as sustained interest in FBNH (+10.0%) and TRANSCORP (+10.0%) drove the benchmark index higher by 0.4%. As a result, the All-Share Index closed at 99,591.64 points, with the Month-to-Date and Year-to-Date returns printing -0.4% and +33.2%, respectively.
The total volume of trades increased by 4.6% to 416.48 million units, valued at NGN19.51 billion, and exchanged in 9,338 deals. TRANSCORP was the most traded stock by volume at 67.40 million units, while TRANSPOWER was the most traded stock by value at NGN11.78 billion.
Performance across the sectors was mixed, as the Banking (+0.2%) index advanced, while the Consumer Goods (-0.8%) and Insurance (-0.2%) indices posted losses. Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 29 tickers lost relative to 18 gainers. TANTALIZER (-10.0%) and IKEJAHOTEL (-10.0%) recorded the highest losses of the day, while TRANSPOWER (+10.0%) and TRANSCORP (+10.0%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.2% to NGN1,605.74/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 142bps to 30.5%, in the absence of any significant outflows from the system.
Activities in the NTB secondary market were bearish, as the average yield expanded by 36bps to 17.6%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments following interests in the 92DTM (-1bp) and 169DTM (-1bp) bills, respectively, but advanced at the long (+52bps) end as participants sold off the 351DTM (+23.77ppts) bill. Similarly, the average yield increased by 103bps to 19.0% in the OMO segment.
Sentiments in the Treasury bonds secondary market was bearish, as the average yield expanded by 3bps to 17.2%. Across the benchmark curve, the average yield was unchanged at the short and long ends, but advanced at the mid (+14bps) segment, driven by sell pressures on the JUL-2030 (+57bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
