EQUITIES
The domestic equities market closed on a positive note today halting its six-day bearish streak, as gains in GTCO (+1.4%), STERLINGNG (+9.0%), FIRSTHOLDCO (+1.5%) and UACN (+7.2%) drove the All-Share Index higher by 0.1% to 143,763.13 points. Consequently, the Month-to-Date and Year-to-Date returns inched higher to -6.7% and +39.7%, respectively.
The total volume of trade decreased by 20.0% to 556.15 million units, valued at NGN18.71 billion, and exchanged in 19,500 deals. FIRSTHOLDCO was the most traded stock by volume at 93.72 million units, while STANBIC was the most traded stock by value at NGN3.21 billion.
Sectoral performance was mixed as the Banking (+0.4%) index advanced, while the Insurance (-0.8%) and Oil & Gas (-0.2%) indices declined. The Industrial Goods and Consumer Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 24 tickers gained relative to 20 losers. NCR (+10.0%) and IKEJAHOTEL (+9.9%) led the gainers, while UNIONDICON (-10.0%) and CAVERTON (-9.8%) posted the most significant gains of the day.
CURRENCY
The official FX rate depreciated by 0.4% to NGN1,445.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 208bps to 22.8%, following inflows from OMO maturities (NGN1.11 trillion).
The NTB secondary market traded on a bullish note as the average yield contracted by 11bps to 16.9%. Across the curve, the average yield contracted at the short (-1bp), mid (-4bps), and long (-22bps) segments, driven by the demand for the 72DTM (-1bp), 177DTM (-30bps) and 296DTM (-22bps) bills, respectively. Likewise, the average yield contracted by 1bp to 21.5% in the OMO segment.
Elsewhere, the FGN bond secondary market traded in a lull, as the average yield remained unchanged at 15.4%. Across the curve, the average yield expanded at the mid (+1bp) segment, following the selloff of the JUN-2033 (+7bps) bond but was unchanged at the short and long ends.
