EQUITIES
The domestic equities market opened the week on a negative note as selloffs in INTBREW (-10.0%), DANGSUGAR (-1.6%) and WAPCO(-0.5%) drove the All-Share Index lower by 0.2% to 143,210.33 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -7.1% and +39.1%, respectively.
The total volume of trade declined by 19.7% to 1.47 billion units, valued at NGN18.67 billion, and exchanged in 28,956 deals. CORNERST was the most traded stock by volume and value at 908.82 million units and NGN4.59 billion, respectively.
Sectoral performance was mixed as the Consumer Goods (-1.0%), Oil & Gas (-0.1%) and Industrial Goods (-0.1%) indices declined, while the Banking (+0.1%) and Insurance (+0.1%) indices advanced.
As measured by market breadth, market sentiment was negative (0.7x), as 26 tickers lost relative to 18 gainers. INTBREW (-10.0%) and RTBRISCOE (-9.9%) led the losers, while NCR (+10.0%) and SUNUASSUR (+9.2%) posted the most significant gains of the day.
CURRENCY
The official FX rate appreciated by 0.6% to NGN1,440.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 14bps to 22.9%, in the absence of significant liquidity flows into the system.
Activities in the Treasury bills secondary market were bullish as the average yield contracted by 2bps to 16.2%. Across the curve, the average yield contracted at the short (-1bp), mid (-2bps) and long (-4bps) segments, driven by the demand for the 10DTM (-3bps), 171DTM (-3bps) and 353DTM (-16bps) bills, respectively. Meanwhile, the average yield remained unchanged at 21.9% in OMO segment.
The FGN bond secondary market traded on a quiet note as the average yield remained unchanged at 15.5%.
