EQUITIES
The domestic equities market opened the week on a positive note, as gains in BUACEMENT (+4.3%), OKOMUOIL (+10.0%) and ZENITHBANK (+2.8%) drove the All-Share Index higher by 0.7% to 196,263.55 points. Consequently, the Month-to-Date and Year-to-Date returns settled higher at +18.7% and +26.1%, respectively.
The total volume traded increased by 57.1% to 1.29 million units, valued at NGN31.50 billion, and exchanged in 95,091 deals. JAPAULGOOLD was the most traded stock by volume at 473.98 million units, while ARADEL was the most traded stock by value at NGN4.14 billion.
Analyzing by sectors, the Insurance (+3.4%), Banking (+1.4%) and Industrial Goods (+1.3%) indices advanced while the Oil & Gas (-0.2%) and Consumer Goods (-0.1%) indices declined.
As measured by market breadth, market sentiment was neutral (1.0x), as 32 stocks advanced, matching the number of losers. OKOMUOIL (+10.0%) and FIDSON (+9.9%) led the gainers, while DEAPCAP (-10.0%) and LIVINGTRUST (-9.9%) led the laggards.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,343.50/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 18bps to 22.7%, following inflows from coupon payments (NGN614.61 billion).
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 3bps to 17.4%. Across the curve, the average yield contracted at the short (-2bps), mid (-2bps) and long (-5bps) segments due to the demand for the 45DTM (-3bps) ,178DTM (-3bps) and 332DTM (-30bps) bills, respectively. Likewise, the average yield contracted by 23bps to 20.5% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a quiet note, as the average yield remained unchanged at 15.9%. Across the benchmark curve, the average yield expanded at the mid (+1bp) segment, due to buying interest on the MAR-2035 (-1bp) bond but remained unchanged at the short and long ends.
