EQUITIES
The Nigerian equities market reversed yesterday’s gains, as losses in DANGCEM (-9.9%), ZENITHBANK (-7.3%), GTCO (-2.1%), and OANDO (-7.1%) dragged the All-Share Index down by 1.5% to 142,613.47 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at +2.0% and +38.6%, respectively.
The total volume traded declined by 10.4% to 1.03 billion units, valued at NGN17.66 billion, and exchanged in 34,352 deals. UNIVINSURE was the most traded stock by volume at 130.22 million units, while NB was the most traded stock by value at NGN2.13 billion.
Sectoral performance was broadly negative as the Industrial Goods (-4.4%), Insurance (-3.9%), Banking (-2.1%) and Oil & Gas (-0.7%) indices declined, while the Consumer Goods (+0.6%) index advanced.
As measured by market breadth, market sentiment was negative (0.7x), as 26 tickers gained relative to 37 losers. ROYALEX (-10.0%) and DANGCEM (-9.9%) recorded the most significant losses of the day, while ENAMELWA (+10.0%) and DAARCOMM (+9.8%) led the gainers.
CURRENCY
The official FX rate depreciated by 0.1% to NGN1,537.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 30bps to 32.4%, in the absence of any significant inflow into the system.
The NTB secondary market traded on a bearish note as the average yield expanded by 13bps to 18.1%. Across the curve, the average yield contracted at the short (-1bp) end, driven by demand for the 79DTM (-1bp) bill, but expanded at the mid (+16bps) and long (+19bps) segments, due to the selloff of the 121DTM (+52bps) and 324DTM (+53bps) bills, respectively. Similarly, the average yield expanded by 7bps to 24.8% in the OMO segment.
Elsewhere, the FGN bond secondary market was bearish, as the average yield expanded by 4bps to 16.5%. Across the benchmark curve, the average yield expanded at the short (+7bps) and mid (+6bps) segments due to profit-taking activities on the APR-2029 (+42bps) and APR-2032 (+23bps) bonds, respectively but remained unchanged at the long end.
