April 16, 2024/Cordros Report
EQUITIES
The bears continued to dominate on local bourse as investors sold off DANGCEM (-4.4%) stock. Precisely, the All-Share Index dipped by 1.9% to 99,808.34 points. Consequently, the Month-to-Date loss increased to -4.6%, while the Year-to-Date return moderated to +33.5%.
The total volume traded declined by 23.7% to 403.89 million units, valued at NGN8.38 billion, and exchanged in 10,170 deals.
ACCESSCORP was the most traded stock by volume at 62.93 million units, while GTCO was the most traded by value at NGN1.74 billion.
On sectors, the Banking (-5.8%), Insurance (-3.3%), Consumer Goods (-1.0%), and Industrial Goods (-0.1%) indices closed in red, while the Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.1x) as 49 tickers lost relative to 7 gainers. VITAFOAM (-10.0%) and FIDELITYBK (-10.0%) recorded the most significant losses of the day, while MORISON (+10.0%) and THOMASWY (+8.6%) topped the gainers’ list.
CURRENCY
The naira depreciated by 1.1% to NGN1,148.14/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 98bps to 31.4% despite the inflows from OMO maturities (NGN17.00 billion).
Trading in the Treasury bills secondary market was mixed albeit with a bullish undertone as the average yield contracted by 1bp to 18.8%. Across the curve, the average yield pared at short (-1bp), mid (-1bp) and long (-1bp) segments following buying interests in the 86DTM (-1bp),163DTM (-1bp) and 345DTM (-1bp) bills, respectively. Similarly, the average yield declined by 1bp to 18.2% in the OMO segment.
The Treasury bonds secondary market was quiet, as the average yield was unchanged at 19.2%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end as investors sold off the MAR-2025 (+2bps) bond but closed flat at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
