December 27, 2024/Cordros Report
EQUITIES
The Nigerian Equities market reversed yesterday’s gains as sell pressures in UBA (-4.0%), ACCESCORP (-2.8%) and GTCO (-1.6%) triggered a 0.1% decline in the All-Share Index to 102,133.30 points. Thus, the Month-to-Date and Year-to-Date returns settled at +4.7% and +36.6%, respectively.
The total volume traded increased by 6.3% to 440.44 million units, valued at NGN17.18 billion, and exchanged in 12,375 deals. UBA was the most traded stock by volume at 51.17 million units, while DANGCEM was the most traded stock by value at NGN11.14 billion.
On sectors, the Banking (-1.2%) and Oil & Gas (-0.2%) indices posted losses while the Insurance (+2.3%) and Consumer Goods (+0.2%) indices gained. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.4x), as 43 tickers gained relative to 18 losers. MRS (+10.0%) and IKEJAHOTEL (+9.6%) recorded the highest gains of the day, while THOMASWY (-10.0%) and CAVERTON (-7.4%) topped the losers’ list.
CURRENCY
The NFEM (Nigerian Foreign Exchange Market) rate appreciated by 0.4% to NGN1,534.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 48bps to 27.1% in the absence of any significant inflows into the system.
The Treasury bills secondary market closed on a bullish note, as the average yield declined by 8bps to 25.5%. Across the curve, the average yield declined at the short (-5bps), mid (-5bps) and long (-10bps) segments, driven by interest in the 90DTM (-6bps), 104DTM (-6bps) and 209DTM (-58bps) bills, respectively. Similarly, the average yield contracted by 6bps to 27.1% in the OMO segment.
Activities in the FGN bond secondary market remained calm with a bearish undertone as the average yield increased by 1bp to 19.4%. Across the benchmark curve, the average yield expanded at the short (+2bps) end following profit-taking activities on the JAN-2026 (+6bps) bond but remained unchanged at the mid and long segments.
Kindly see below our Mutual Fund prices and returns as of today.
