EQUITIES
Bearish sentiment resurfaced in the domestic equities market, as losses in WAPCO (-5.1%), ZENITHBANK (-3.4%), and TRANSCORP (-3.0%) drove the All-Share Index down 0.5% to 165,397.37 points. As a result, the Month-to-Date and Year-to-Date returns moderated to +6.3%.
The total volume of trades declined by 6.6% to 768.26 million units, valued at NGN21.19 billion, and exchanged in 46,481 deals. ACCESSCORP was the most traded stock by volume, with 54.28 million units traded, while GEREGU was the most traded stock by value, with NGN2.78 billion traded.
Sectoral performance was broadly negative, as the Insurance (-1.4%), Consumer Goods (-1.3%), Banking (-1.0%), Industrial Goods (-0.7%) and Oil & Gas (-0.2%) indices closed lower.
As measured by market breadth, market sentiment was negative (0.9x), as 39 tickers lost relative to 36 gainers. OMATEK (-9.4%) and INTENEGINS (-6.1%) led the laggards, while UHOMREIT (+10.0%) and INFINITY (+10.0%) posted the most significant gains of the day.
CURRENCY
The official FX rate appreciated by 0.6% to NGN1,422.50/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 5bps to 22.8% following FGN bond maturities totalling NGN1.20 trillion.
The NTB secondary market closed on a bearish note, as the average yield expanded by 28bps to 18.4%. Across the curve, the average yield expanded at the short (+17bps), mid (+39bps), and long (+28bps) segments due to selloffs in the 91DTM (+52bps), 140DTM (+68bps), and 329DTM (+88bps) bills, respectively. Conversely, the average yield contracted by 1bp to 22.4% in the OMO segment.
The FGN bond secondary market traded on a bullish note, with the average yield contracting by 4bps to 15.7%. Across the curve, the average yield contracted at the short (-10bps) and mid (-1bp) segments, following buying interest in the AUG-2030 (-71bps) and JUN-2033 (-4bps) bonds, respectively, while it remained unchanged at the long end.
