EQUITIES
The domestic stock market sustained its bullish run as bargain hunting in MTNN (+2.3%) triggered a 0.5% gain in the benchmark index. As a result, the NGX ASI closed at 104,007.36 points, with the MTD and YTD gains increasing to 4.0% and 39.1%, respectively.
The total volume of trades decreased by 42.2% to 326.95 million units, valued at NGN9.12 billion, and exchanged in 9,570 deals. TRANSCORP was the most traded stock by volume at 38.95 million units, while NESTLE was the most traded stock by value at NGN1.50 billion.
On sectors, the Banking (+2.0%), Insurance (+0.8%) and Consumer Goods (+0.2%) indices advanced, while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.4x), as 31 tickers gained relative to 22 losers. ETI (+10.0%) and JBERGER (+10.0%) topped the gainers’ list, while SKYAVN (-10.0%) and SUNUASSUR (-9.6%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 0.8% to NGN1,615.94/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 114bps to 33.0%, in the absence of any significant outflows from the system.
Sentiments in the T-bills secondary market remained bullish, as the average yield declined by 1bp to 18.8%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-1bp) segments as investors demanded the 85DTM (-1bp), 176DTM (-1bp) and 344DTM (-2bps) bills, respectively. Similarly, the average yield pared by 1bp to 18.8% in the OMO segment.
Trading in the Treasury bond secondary market was bearish, as the average yield expanded by 2bps to 18.0%. Across the benchmark curve, the average yield advanced at the short (+6bps) end following profit-taking on the MAR-2027 (+29bps) bond but was unchanged at the mid and long segments.
Cordros Research
