EQUITIES
The Nigerian equities market extended yesterday’s bullish sentiment, buoyed by gains in GTCO (+2.0%), OANDO (+5.0%), BETAGLAS (+8.2%) and ZENITHBANK (+0.9%). Consequently, the All-Share Index advanced by 0.2% to 141,761.36 points with the Month-to-Date and Year-to-Date returns settling at +1.4% and +37.7%, respectively.
The total volume of trades rose by 2.3% to 605.02 million units, valued at NGN12.90 billion, and exchanged in 28,845 deals. FCMB was the most traded stock by volume at 89.30 million units, while WAPCO was the most traded stock by value at NGN1.63 billion.
Sectoral performance was broadly positive as the Banking (+0.7%), Consumer Goods (+0.5%), Oil & Gas (+0.5%) and Industrial Goods (+0.1%) indices advanced, while the Insurance (-0.2%) index solely declined.
As measured by market breadth, market sentiment was negative (0.8x), as 26 tickers gained relative to 31 losers. NCR (+10.0%) and BERGER (+9.1%) led the gainers, while LEGENDINT (-10.0%) and NSLTECH (-9.3%) recorded the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,537.50/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 4bps to 27.0%, despite inflows from OMO maturities (NGN758.00 billion).
The NTB secondary market traded on a bearish note as the average yield expanded by 9bps to 18.5%. Across the curve, the average yield contracted at the short (-1bp) end, driven by demand for the 86DTM (-1bp) bill, but expanded at the mid (+21bps) and long (+9bps) segments, driven by the selloffs of the 100DTM (+66bps) and 359DTM (+21bps) bills, respectively. Conversely, the average yield contracted by 1bp to 25.4% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bearish note, as the average yield expanded by 9bps to 16.6%. Across the benchmark curve, the average yield expanded at the short (+27bps) and mid (+5bps) segments, driven by profit-taking activities on the FEB-2028 (+113bps) and the APR-2032 (+19bps) bonds, respectively. The average yield remained unchanged at the long end.
