March 12, 2024/Cordros Report
EQUITIES
The local bourse extended yesterday’s bullish performance driven by renewed interest in MTNN (+10.0%). Thus, the All-Share Index advanced by 1.5% to 103,524.44 points. Consequently, the Month-to-Date and Year-to-Date returns rose to +3.5% and +38.5%, respectively.
The total volume traded increased by 29.5% to 565.79 million units, valued at NGN14.23 billion, and exchanged in 11,519 deals. TRANSCORP was the most traded stock by volume at 170.72 million units, while TRANSPOWER was the most traded stock by value at NGN3.51 billion.
From a sectoral perspective, the Banking (+5.4%), Insurance (+1.2%), and Oil & Gas (+0.1%) indices recorded gains, while the Consumer Goods (-0.5%) index settled lower. The Industrial Goods index was unchanged.
As measured by market breadth, market sentiment was positive (2.4x), as 33 tickers gained relative to 14 losers. UBA (+10.0%) and MTNN (+10.0%) recorded the most significant gains of the day, while TANTALIZER (-7.9%) and NASCON (-6.7%) topped the losers’ list.
CURRENCY
The naira appreciated by 0.9% to NGN1,603.38/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 8bps to 31.9%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded with bullish sentiments as the average yield contracted by 3bps to 18.8%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-6bps) segments following buying interest in the 86DTM (-1bp), 177DTM (-1bp), and 254DTM (-84bps) bills, respectively. Meanwhile, the average yield increased by 2bps to 18.8% in the OMO segment.
The FGN bond secondary market activities were mixed but with a bearish tilt as the average yield remained at 18.0%. Across the benchmark curve, the average yield expanded slightly at the short (+1bp) end as market players sold off the MAR-2024 (+3bps) bond but closed flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
