EQUITIES
The domestic equities market opened the week on a positive note as gains in ZENITHBANK (+4.5%), WAPCO (+1.8%), MTNN (+0.4%) and GTCO (+1.2%) drove the All-Share Index higher by 0.3% to 147,427.95 points. Consequently, the Month-to-Date and Year-to-Date returns closed higher at +0.3% and +43.2%, respectively.
The total volume of trade declined by 52.3% to 550.86 million units, valued at NGN13.86 billion, and exchanged in 30,090 deals. FCMB was the most traded stock by volume at 129.65 million units while ZENITHBANK was the most traded stock by value NGN2.71 billion, respectively.
Sectoral performance was positive as the Insurance (+1.8%), Banking (+0.9%), Industrial Goods (+0.3%), Consumer Goods (+0.1%) indices advanced while the Oil % Gas (-6.3%) index declined.
As measured by market breadth, market sentiment was positive (2.7x), as 40 tickers lost relative to 15 gainers. MORISON (+9.9%) and NPFMCRFBK (+9.9%) led the gainers, while DAARCOMM (-7.1%) and LIVESTOCK (-6.3%) posted the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.4% to NGN1,447.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained unchanged at 22.7%.
Activities in the Treasury bills secondary market were bullish as the average yield contracted by 2bps to 17.4%. Across the curve, the average yield contracted at the short (-2bps) and mid (-2bps) segments, driven by the demand for the 59DTM (-3bps) and 150DTM (-3bps) bills, respectively but expanded at the long (+88bps) end due to selloffs of the 318DTM (+214bps). Likewise, the average yield contracted to by 4bps to 22.0% in OMO segment.
The FGN bond secondary market traded on a bearish note as the average yield expanded by 28bps to 15.8%. Across the curve, the average yield expanded at the short (+70bps) and mid (+8bps) segments driven by the sell pressures on the AUG-2030 (+153bps) and APR-2032 (+33bps) bonds, respectively. The average yield remained unchanged at the long end.
