EQUITIES
The Nigerian equities market commenced the first trading session of the year on a positive note, buoyed by gains in BUAFOODS (+6.8%), TRANSCORP(+10.7%), and MTNN (+1.4%). Consequently, All-Share Index advanced by 0.6% to 156,492.5 points, with the Month-to-Date and Year-to-Date returns both settling at +0.6%.
The total volume traded declined by 64.2% to 439.95 million units, valued at NGN24.97 billion, and exchanged in 40,245 deals. CHAMS was the most traded stock by volume at 120.30 million units, while ARADEL was the most traded stock by value at NGN10.74 billion.
Sectoral performance was broadly positive as the Banking (+2.3%), Insurance (+2.1%), Oil & Gas (+1.4%), and Consumer Goods (+0.2%) indices advanced while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (5.2x), as 52 tickers gained relative to 10 losers. ABCTRANS (+10.0%) and MBENEFIT (+10.0%) recorded the most significant gains of the day, while ABBEYBDS (-6.3%) and FCMB (-4.6%) led the losers.
CURRENCY
The official FX rate appreciated by 2bps to NGN1,434.76/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained unchanged at 22.8%, closing at a net long position (NGN3.36 trillion)
The NTB secondary market traded on a quiet note with a bullish undertone as the average yield contracted by 1bp to 17.7%. Across the curve, the average yield contracted at the short (-1bp) and mid (-9bps) segments driven by buying interest for the 48DTM (-2bps) and 188DTM (-2bps), respectively, but remained unchanged at the long end. Conversely, the average yield expanded by 6bps to 21.9% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 1bp to 16.4%. Across the benchmark curve, the average yield remained unchanged at the short end, but expanded at the mid segment (+1bp) due to sell off of the JUN-2033 (+3bps) bond. The average yield contracted at the long end (-2bps) due to the demand for the JUN-2053 (-19bps) bond.
