EQUITIES
The bearish run in the Nigerian equities market continued as selloffs in UBA (-4.9%), PRESCO (-2.0%), and INTBREW (-8.3%) drove the All-Share Index lower by 0.5% to 148,832.19 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to -3.4% and +44.6%, respectively.
The total volume of trade declined by 30.9% to 364.35 million units, valued at NGN11.35 billion, and exchanged in 32,564 deals. ACCESSCORP was the most traded stock by volume at 22.81 million units, while DANGCEM was the most traded stock by value at NGN2.15 billion, respectively.
Sectoral performance was negative as the Insurance (-4.2%), Consumer Goods (-1.3%) and Banking (-0.7%) indices closed lower, while the Industrial Goods and Oil & Gas indices remained unchanged.
As measured by market breadth, market sentiment was negative (0.3x), as 39 tickers lost relative to 13 gainers. LINKASSURE (-10.0%) and RTBRISCOE (-10.0%) topped the losers’ list, while ASOSAVINGS (+10.0%) and DEAPCAP (+9.8%) posted the most significant gains of the day.
CURRENCY
The official FX rate appreciated by 0.5% to NGN1,435.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 2bps to 24.9% given the absence of liquidity inflows into the system.
Activities in the Treasury bills secondary market were bullish as the average yield contracted by 4bps to 17.4%. Across the curve, the average yield contracted at the short (-2bps), mid (-2bps) and long (-7bps) segments, driven by the demand for the 87DTM (-2bps), 178DTM (-2bps) and 346DTM (-29bps) bills, respectively. Similarly, the average yield contracted by 5bps to 22.0% in the OMO segment.
Also, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 2bps to 15.7%. Across the benchmark curve, the average yield contracted at the short (-4bps) end, driven by demand for the FEB-2031 (-16bps) bond, but remained unchanged at the mid and long segments.
