March 4, 2026/Cordros Report
EQUITIES
Bearish sentiments resurfaced in the domestic equities market, as losses in DANGSUGAR (-10.0%), JAIZBANK (-10.0%), and ETI (-4.5%) dragged the All-Share Index lower by 0.1% to 196,463.22 points. Consequently, the Month-to-Date and Year-to-Date returns eased slightly to +1.9% and +26.3%, respectively.
The total volume traded decreased by 8.5% to 805.25 million units, valued at NGN38.42 billion, and exchanged in 71,312 deals. VERITASKAP was the most traded stock by volume at 56.42 million units, while MTNN was the most traded stock by value at NGN7.08 billion.
Sectoral performance was mixed, as the Consumer Goods (-0.9%), Banking (-0.5%) and Industrial Goods (-0.1%) indices declined, while the Insurance (+0.3%) index advanced. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 37 tickers lost relative to 20 gainers. DANGSUGAR (-10.0%) and JAIZBANK (-10.0%) led the losers, while PREMPAINTS (+10.0%) and UACN (+7.8%) posted the most significant gains of the day.
CURRENCY
The official FX rate appreciated by 0.1% to NGN1,391.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 10bps to 22.2% in the absence of any significant funding pressure on the system.
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 3bps to 17.3%. Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments, due to the demand for the 92DTM (-1bp) and 169DTM (-1bp) bills, respectively, but expanded at the long (+6bps) end, due to profit-taking activities on the 323DTM (+59bps) bill. Meanwhile, the average yield contracted by 1bp to 21.0% in the OMO segment.
Elsewhere, the FGN bond secondary market traded with bearish sentiments, as the average yield expanded by 8bps to 15.5%. Across the benchmark curve, the average yield expanded at the short (+13bps) and mid (+17bps) segment, due to the sell pressures on the FEB-2031 (+46bps) and APR-2032 (+62bps) bond, but remained unchanged at the long end.
Kindly see below our Mutual Fund prices and returns as of today.
