EQUITIES
The local bourse halted its four-day bullish streak as losses in BUAFOODS (-10.0%) and MTNN (-2.6%) dragged the All-Share Index lower by 0.9% to 194,484.61 points. Consequently, the Month-to-Date and Year-to-Date returns moderated to +17.6% and +25.0%, respectively.
The total volume traded declined by 11.7% to 1.14 billion units, valued at NGN53.35 billion, and exchanged in 72,218 deals. JAPAULGOLD was the most traded stock by volume and value at 102.44 million units and NGN399.77 billion, respectively.
Sectoral performance was mixed as the Consumer Goods (-4.7%) and Insurance (-1.3%) indices closed lower, while the Industrial Goods (+1.9%), Banking (+1.2%) and Oil & Gas (+0.2%) indices advanced.
As measured by market breadth, market sentiment was negative (0.7x), as 26 tickers gained relative to 39 losers. JAIZBANK (+10.0%) and INFINITY (+9.8%) led the gainers, while DAARCOMM (-10.0%) and TANTALIZER (-10.0%) posted the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 1.1% to NGN1,359.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 43bps to 22.3%, following inflows from OMO maturities (NGN730.70 billion).
The NTB secondary market traded on a bullish note, as the average yield contracted by 37bps to 17.0%. Across the curve, the average yield contracted at the short (-13bps), mid (-33bps) and long (-53bps) segments, driven by the buying interests on the 23DTM (-40bps), 177DTM (-60bps) and 268DTM (-125bps) bills, respectively. Similarly, the average yield contracted by 25bps to 20.4% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 26bps to 15.7%. Across the benchmark curve, the average yield contracted at the short (-54bps) and mid (-35bps) segments, driven by the demand for the FEB-2031 (-135bps) and APR-2032 (-74bps) bonds, respectively, but closed flat at the long end.
