EQUITIES
The bears continued to dominate the Nigerian equities market for the fourth consecutive trading session, as losses in MTNN (-2.5%), ZENITHBANK (-1.5%), ETI (-4.0%), and ACCESSCORP (-2.2%) drove the All-Share Index lower by 0.4% to 150,026.55 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -2.7% and +45.8%, respectively.
The total volume of trade declined by 44.5% to 619.63 million units, valued at NGN16.50 billion, and exchanged in 24,865.00 deals. FCMB was the most traded stock by volume at 149.99 million units, while ZENITHBANK was the most traded stock by value at NGN2.51 billion.
Sectoral performance was mixed as the Banking (-0.6%), Insurance (-0.3%), Oil & Gas (-0.1%) and Consumer Goods (-0.1%) indices declined, while the Industrial Goods (+0.2%) index advanced.
As measured by market breadth, market sentiment was negative (0.4x), as 39 tickers lost relative to 14 gainers. LEGENDINT (-9.9%) and CHAMPION (-9.7%) posted the most significant losses of the day, while UPDC (+9.8%) and FCMB (+8.0%) led the gainers.
CURRENCY
The official FX rate appreciated by 0.2% to NGN1,439.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 2bps, in the absence of any significant funding pressure on the system.
The NTB secondary market traded on a calm note as the average yield remained unchanged at 17.4%. Across the curve, the average yield contracted at the short (-6bps) and mid (-1bp) segments, driven by the demand for the 91DTM (-49bps) and 182DTM (-1bp) bills, respectively, while it expanded at the long (+5bps) end, due to the sell-off of the 259DTM (+61bps) bill. Conversely, the average yield expanded by 3bps to 22.3% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 3bps to 15.7%. Across the curve, the average yield contracted at the short (-6bps) and mid (-3bps) segments, following the demand for the JAN-2026 (-38bps) and APR-2032 (-12bps) bonds, respectively, while it closed flat at the long end.
