October 22, 2024/Cordros Report
EQUITIES
The Nigerian equities market closed on a positive note, buoyed by gains in TRANSCOHOT (+9.3%), following the release of their 9M-24 earnings report, and GTCO (+2.9%). Consequently, the All-Share Index advanced by 0.2% to 98,892.58 points, with the Month-to-Date and Year-to-Date returns settling at +0.3% and +32.3%, respectively.
The total volume traded increased by 45.9% to 591.01 million units, valued at NGN24.84 billion, and exchanged in 6,987 deals. CHAMPION was the most traded stock by volume at 255.28 million units, while SEPLAT was the most traded stock by value at NGN19.48 billion.
Across sectors, the Insurance (+1.2%) and Banking (+0.9%) indices posted gains, while the Consumer Goods (-0.7%) and Oil & Gas (-0.6%) indices settled lower. Meanwhile, the Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was positive (1.6x), as 23 tickers gained relative to 14 losers. TRANSCOHOT (+9.3%) and WAPIC (+9.1%) led the gainers, while JOHNHOLT (-9.8%) and TANTALIZER (-9.8%) posted the most notable losses of the day.
CURRENCY
The naira depreciated by 3.0% to NGN1,653.02/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 11bps to 32.6% in the absence of any significant funding pressure on the system.
Activities in the T-bills secondary market were bullish, as the average yield contracted by 3bps to 24.1%. Across the curve, the average yield contracted at the short (-1bp), mid (-2bps), and long (-5bps) segments following buying interests in the 79DTM (-1bp), 170DTM (-2bps), and 212DTM (-57bps) bills, respectively. Similarly, the average yield declined by 2bps to 25.9% in the OMO segment.
Elsewhere, the Treasury bond secondary market traded on a calm note, with a bullish undertone, as the average yield pared by 1bp to 19.1%. Across the benchmark curve, the average yield contracted at the mid (-5bps) segment driven by the demand for the FEB-2031 (-14bps) bond but closed flat at the short and long ends.
Kindly see below our Mutual Fund prices and returns as of today.
