EQUITIES
The Nigerian equities market closed relatively flat in today’s session, as gains in JAIZBANK (+10.0%), JBERGER (+8.3%), and WAPCO (+0.6%) outweighed profit-taking in ETI (-6.0%), CHAMPION (-9.3%), and OANDO (-2.5%), driving the All-Share Index marginally higher by 1bp to 166,267.60 points. Sequentially, the Year-to-Date returns settled at +6.9%.
The total volume traded increased by 3.4% to 822.74 million units, valued at NGN24.93 billion, and exchanged in 43,548 deals. ZICHIS was the most traded stock by volume at 69.22 million units, while STANBIC was the most traded stock by value at NGN2.78 billion.
Analysing by sectors, the Industrial Goods (+0.1%) index advanced, while the Insurance (-1.0%), Oil and Gas (-0.9%) and Banking (-0.3%) indices declined. The Consumer Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.2x), as 53 tickers gained, while 24 tickers lost. NCR (+10.0%) and RTBRISCOE (+10.0%) led the gainers, while UPDCREIT (-9.7%) and CHAMPION (-9.3%) recorded the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.8% to NGN1,430.63/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 9bps to 22.8%, following debits from the OMO PMA (NGN2.64 trillion).
The NTB secondary market traded with bearish sentiments as the average yield expanded by 2bps to 18.15%. Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments due to the demand for the 92DTM (-1bp) and169DTM (-1bp) bills, respectively, but expanded at the long (+4bps) end driven by sell pressures on the 323DTM (+48bps) bill. Similarly, the average yield expanded by 6bps to 22.4% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a quiet note as the average yield closed flat at 16.65%. Across the benchmark curve, the average yield expanded at the mid (+4bps) segment due to profit-taking activity on the JUN-2033 (+14bps) bond, but contracted at the long (-1bp) end, following buying interest in the JUN-2053 (-9bps) bond. The average yield closed flat at the short end.
