July 18, 2024/Cordros Report
EQUITIES
The domestic stock market reversed yesterday’s loss, as bargain hunting in AIRTELAFRI (+4.8%) drove the All-Share Index higher by 0.5% to 100,503.21 points. As a result, the Month-to-Date and Year-to-Date returns increased to +0.5% and +34.4%, respectively.
The total volume traded declined by 64.3% to 392.80 million units, valued at NGN8.33 billion, and exchanged in 9,013 deals. GTCO was the most traded stock by volume at 39.75 million units, while AIRTELAFRI was the most traded stock by value at NGN2.25 billion.
Sectoral performance was mixed, as the Oil and Gas (+0.2%) and Consumer Goods (+0.1%) indices advanced while the Insurance (-2.4%) and Banking (-2.3%) indices printed losses. Elsewhere, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 28 tickers lost relative to 23 gainers. LINKASSURE (-10.0%) and VERITASKAP (-10.0%) topped the losers’ list, while UCAP (+9.9%) and OANDO (+9.8%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 1.0% to NGN1,566.82/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 5bps to 32.4%, in the absence of any significant inflows into the system.
Bearish sentiments persisted in the NTB secondary market, as the average yield expanded by 9bps to 23.5%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments following buying interest in the 70DTM (-1bp) and 161DTM (-2bps) bills, respectively. Meanwhile, the average yield expanded at the long (+19bps) end, due to the selloff of the 231DTM (+110bps) bill. Elsewhere, the average yield contracted by 2bps to 24.2% in the OMO segment.
Similarly, the FGN bond secondary market closed on a bearish note, as the average yield advanced by 4bps to 19.2%. Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+20bps) segments, as investors took profits off the JAN-2026 (+1bp) and JUN-2033 (+80bps) bonds respectively. The average yield closed flat at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
