March 11, 2024/Cordros Report
EQUITIES
Trading in the Nigerian equities market kicked off the week on a bullish note, underpinned by demand for ZENITHBANK (+6.5%) and DANGSUGAR (+10.0%). Subsequently, the All-share Index notched higher by 0.7% to close at 102,044.84 points. Accordingly, the Month-to-Date and Year-to-Date returns advanced to +2.1% and +36.5%, respectively.
The total volume of trades increased by 27.7% to 436.90 million units, valued at NGN17.10 billion, and exchanged in 11,344 deals. GTCO was the most traded stock by volume at 96.63 million units, while TRANSPOWER was the most traded stock by value at NGN5.93 billion.
Performance across the sectors was mostly positive, following gains in the Banking (+2.0%), Insurance (+1.4%), Consumer Goods (+1.1%) and Industrial Goods (+0.1%) indices. Meanwhile, the Oil & Gas (-0.2%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (2.1x), as 34 tickers gained relative to 16 losers. HONYFLOUR (+10.0%) and NEM (+10.0%) topped the gainers’ list, while PRESTIGE (-10.0%) and LASACO (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.6% to NGN1,617.96/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 78bps to 31.8%, in the absence of any significant funding pressure on the system.
Activities in the Treasury bills secondary market was bearish, as the average yield advanced by 3bps to 18.8%. Across the curve, the average yield contracted at the short (-2bps) and mid (-3bps) segments driven by investors’ interest in the 87DTM (-2bps) and 178DTM (-3bps) bills, respectively. Conversely, the average yield expanded at the long (+8bps) end due to sell pressures on the 332DTM (+122bps) bill. Elsewhere, the average yield declined by 3bps to 18.8% in the OMO segment.
Proceedings in the Treasury bond secondary market was bearish, as the average yield expanded by 3bps to 18.0%. Across the benchmark curve, the average yield increased at the short (+2bps) and mid (+11bps) segments following profit-taking activities on the MAR-2024 (+8bps) and JUN-2033 (+45bps) bonds, respectively, but closed flat at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
