EQUITIES
The local bourse extended its bullish run for the sixth consecutive session, as bargain hunting in DANGCEM (+6.5%), MTNN (+4.2%) and ARADEL (+6.0%) drove the All-Share index higher by 1.5% to 153,736.25 points. Consequently, the Month-to-Date and Year-to-Date returns settled higher at +7.7% and +49.4%, respectively.
The total volume traded rose by 6.8% to 589.49 million units, valued at NGN24.01 billion and exchanged in 28,485 deals. FIDELITYBK was the most traded stock by volume at 94.74 million units, while GTCO was the most traded stock by value at NGN7.39 billion.
On sectors, performance was mixed as the Industrial Goods (+3.5%), Oil & Gas (+2.1%), and Consumer Goods (+0.3%) indices advanced, while the Insurance (-0.5%) and Banking (-0.4%) indices declined.
As measured by market breadth, market sentiment was positive (1.1x), as 32 tickers gained relative to 29 losers. ASOSAVINGS (+10.0%) and SKYAVN (+10.0%) led the gainers, while TIP (-5.7%) and LEGENDINT (-5.7%) posted the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.2% to NGN1,462.50/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 49bps to 24.9% in the absence of any significant inflows into the system.
The NTB secondary market traded quietly, as the average yield remained unchanged at 16.7%. Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments, due to buying interest in the 92DTM (-1bp) and 169DTM (-1bp) bills, respectively but expanded at the long (+2bps) end due to sell pressures on the 351DTM (+33bps) bill. Meanwhile, the average yield expanded by 6bps to 21.6% in the OMO segment.
Elsewhere, the FGN bond secondary market was bullish, as the average yield contracted by 3bps to 15.8%. Across the benchmark curve, the average yield contracted at the mid (-15bps) segment, following the demand for the JUN-2033 (-60bps) bond, while it closed flat at the short and long ends.
