March 7, 2024/Cordros Report
EQUITIES
The bulls continued to dominate in the domestic bourse, as bargain hunting in MTNN (+10.0%) drove the benchmark index 0.8% higher. Consequently, the NGX ASI settled at 100,335.30 points. Thus, the Month-to-Date and Year-to-Date returns increased to +0.4% and +34.2%, respectively.
The total volume traded advanced by 33.2% to 554.72 million units, valued at NGN17.73 billion, and exchanged in 9,708 deals. TRANSCORP was the most traded stock by volume and value at 301.36 million units and NGN5.65 billion, respectively.
On sector performance, the Banking (-2.6%) and Insurance (-0.2%) indices declined, while the Consumer Goods (+0.6%) index inched higher. Conversely, the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 33 tickers lost relative to 25 gainers. GUINNESS (-10.0%) and FTNCOCOA (-10.0%) topped the losers’ list, while MTNN (+10.0%) and DANGSUGAR (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 0.2% to NGN1,602.17/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 111bps to 31.6%, following the debits for the net NTB issuance (NGN979.79 billion).
Trading in the NTB secondary market was bearish, as the average yield expanded by 73bps to 18.3%. Across the curve, the average yield advanced at the short (+18bps), mid (+120bps) and long (+83bps) segments, following sell pressures on the 91DTM (+132bps), 154DTM (+203bps) and 259DTM (+144bps) bills, respectively. Elsewhere, the average yield declined by 10bps to 18.9% in the OMO segment.
The FGN bond secondary market remained bearish, as the average yield expanded by 69bps to 17.9%. Across the benchmark curve, the average yield increased at the short (+49bps), mid (+32bps) and long (+96bps) segments due to sell-offs of the FEB-2028 (+114bps), APR-2032 (+98bps) and MAR-2036 (+238bps) bonds, respectively.
Kindly see below our Mutual Fund prices and returns as of today.
