EQUITIES
The Nigerian stock market started the week on a positive note, buoyed by gains in BUACEMENT (+6.3%), MTNN(+1.2%), and FIRSTHOLDCO (+3.5%). Thus, the benchmark Index increased by 0.7% to 149,943.27 points, driving the Month-to-Date and Year-to-Date returns to +5.1% and +45.7%, respectively.
The total volume traded declined by 15.0% to 408.97 million units, valued at NGN26.69 billion, and exchanged in 31,287 deals. FIDELITYBK was the most traded stock by volume at 49.46 million units, while GEREGU was the most traded stock by value at NGN9.29 billion.
In terms of sectoral indices, the Industrial Goods (+2.3%), Oil & Gas(+0.7%), Banking (+0.5%) and Consumer Goods (+0.1%) indices closed positive, while the Insurance (-0.7%) index closed negative.
As measured by market breadth, market sentiment was negative (0.9x), as 32 tickers lost relative to 28 gainers. JULI (-10.0%) and THOMASWY (-10.0%) topped the losers, while UNIONDICON (+10.0%) and SOVRENINS (+6.4%) recorded the most significant gains of the day.
CURRENCY
The official FX rate appreciated by 0.6% to NGN1,464.50/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 21bps to 24.9% following inflows of NGN146.38 billion from FGN bond coupon payments.
The NTB secondary market traded on a bullish note as the average yield contracted by 3bps to 16.7%. Across the curve, the average yield contracted at the short (-2bps), mid (-2bps) and long end(-5bps), driven by buying interest in the 66DTM (-3bps),171DTM(-3bps), and 353DTM(-30bps) bills, respectively. Meanwhile, the average yield remained unchanged at 21.6% in the OMO segment.
The FGN bond secondary market traded on a quiet note, as the average yield steadied at 15.9%. Across the benchmark curve, the average yield was unchanged at the short and long end but contracted at the mid segment (-2bps), driven by demand for the JUN-2033 (-10bps) bond.
