EQUITIES
Bullish sentiments resurfaced in the domestic stock market today underpinned by bargain hunting in BUACEMENT (+1.6%) and TRANSCORP (+10.0%). Thus, the All-Share Index inched higher by 0.1% to 104,387.47 points, with the MTD and YTD gains increasing to +4.4% and +39.6%, respectively.
The total trading volume grew by 12.8% to 336.82 million units, valued at NGN9.29 billion, and exchanged in 8,790 deals. UBA was the most traded stock by volume at 63.88 million units, while NESTLE was the most traded stock by value at NGN1.82 billion.
Analysing by sectors, the Banking (+0.9%), Insurance (+0.6%) and Industrial Goods (+0.4%) indices advanced, while the Oil & Gas index closed flat. The Consumer Goods (-0.1%) index was the sole loser of the day.
As measured by market breadth, market sentiment was negative (0.8x), as 28 tickers lost relative to 21 gainers. DEAPCAP (-10.0%) and TOURIST (-9.9%) topped the losers’ list, while TRANSCORP (+10.0%) and INTENEGINS (+9.7%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 2.7% to NGN1,453.28/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 74bps to 27.3%, in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market was mixed, as the average yield was unchanged at 17.3%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments due to mild interest in the 77DTM (-1bp) and 175DTM (-1bp) bills, respectively. Meanwhile, the average yield closed flat at the long end. Elsewhere, the average yield contracted by 23bps to 18.5% in the OMO segment.
Proceedings in the Treasury bond secondary market was bearish, as the average yield advanced by 25bps to 19.1%. Across the benchmark curve, the average yield increased at the short (+80bps) and long (+7bps) ends as players sold off the MAR-2027 (+171bps) and APR-2049 (+56bps) bonds, respectively. Conversely, the average yield closed flat at the mid segment.
Cordros
