EQUITIES
The Nigerian equities market was bullish, closing positively for the fourth consecutive trading session. Gains were primarily driven by buying interests in ARADEL (+9.8%), TRANSCORP (+8.5%), and FIDELITYBK (+5.3%). Consequently, the All-Share Index inched higher by 0.2% to 142,710.48 points with the Month-to-Date and Year-to-Date returns improving to +1.7% and +38.7%, respectively.
The total volume traded advanced by 223.1% to 1.24 billion units, valued at NGN29.82 billion and exchanged in 28,009 deals. FIDELITYBK was the most traded stock by volume and value at 793.04 million units and NGN15.88 billion, respectively.
On sectors, the Oil & Gas (+3.7%) index advanced, while the Insurance (-0.4%), Consumer Goods (-0.2%), Banking (-0.1%) and Industrial Goods (-0.1%) indices declined.
As measured by market breadth, market sentiment was negative (0.8x), as 25 tickers gained relative to 31 losers. UPDC (+10.0%) and ENAMELWA (+10.0%) led the gainers, while UNIONDICON (-10.0%) and CHAMPION (-7.1%) recorded the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,480.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 8bps to 24.9%, following inflows from OMO maturities (NGN731.14 billion).
The NTB secondary market traded with bullish sentiments as the average yield contracted by 5bps to 17.9%. Across the curve, the average yield contracted at the short (-6bps), mid (-1bp) and long (-8bps) segments, driven by the demand for the 23DTM (-42bps), 170DTM (-1bp), and 338DTM (-83bps) bills, respectively. Similarly, the average yield contracted by 73bps to 20.9% in the OMO segment.
The FGN bond secondary market closed on a bullish note, as the average yield contracted by 3bps to 16.3%. Across the benchmark curve, the average yield contracted at the mid (-7bps) and long (-4bps) segments, due to buying interest in the JUL-2034 (-15bps) and MAR-2036 (-8bps) bonds, respectively. The average yield remained unchanged at the short end.
