QUITIES
The local bourse opened the week on a positive note, as gains in BUACEMENT (+5.4%), MTNN (+0.7%), and FIDELITYBK (+8.1%) drove the benchmark Index higher by 0.2% to 142,377.56 points. Consequently, the Month-to-Date and Year-to-Date returns settled at +1.5% and +38.3%, respectively.
The total volume traded declined by 26.0% to 383.94 million units, valued at NGN11.62 billion, and exchanged in 28,114 deals. FIRSTHOLDCO was the most traded stock by volume at 47.49 million units, while ZENITHBANK was the most traded stock by value at NGN3.14 billion.
Sectoral performance was mixed as the Industrial Goods (+1.6%) and Banking (+0.4%) indices closed positive, while the Insurance (-3.4%), Consumer Goods (-0.6), and Oil & Gas (-0.5%) indices closed negative.
As measured by market breadth, market sentiment was negative (0.6x), as 20 tickers gained relative to 36 losers. THOMASWY (+10.0%) and LIVINGTRUST (+10.0%) led the gainers, while MANSARD (-10.0%) and UPL (-10.0%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.9% to NGN1,477/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 12bps to 25.0%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded on a quiet note, albeit with a bullish tilt as the average yield contracted by 1bp to 18.0%. Across the curve, the average yield contracted at the short (-5bps) and mid (-3bps) segments driven by the demand for the 87DTM (-25bps) and 178DTM (-3bps) bills, respectively but expanded at the long (+3bps) end driven by profit-taking activities on the 325DTM (+41bps) bill. Similarly, the average yield contracted by 4bps to 21.6% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note as the average yield contracted by 11bps 16.3%.
Across the benchmark curve, the average yield contracted at the short (-26bps) and mid (-22bps) segments, driven by the demand for the MAR-2027 (-87bps) and MAR-2035 (-41bps) bonds, respectively but expanded at the long (+8bps) end due to selloffs on the JAN-2042 (+8bps) bonds, respectively.
