EQUITIES
Activities in the Nigerian equities market picked from where they left off last week as investors sold off GTCO (-7.7%) stock. Thus, the All-Share Index settled 0.5% lower to close at 101,778.47 points. Consequently, the Month-to-Date and Year-to-Date return printed -2.7% and +36.1%, respectively.
The total volume of trades declined by 55.5% to 326.63 million units, valued at NGN7.17 billion, and exchanged in 10,770 deals. UBA was the most traded stock by volume at 42.25 million units, while MTNN was the most traded by value at NGN1.17 billion.
Analysing by sectors, the Banking (-3.8%) and Insurance (-0.5%) indices recorded losses, while the Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.3x) as 31 tickers lost relative to 10 gainers. FIDELITYBK (-10.0%) and JAIZBANK (-9.7%) topped the losers’ list, while UPDC (+10.0%) and MORISON (+9.8%) recorded the highest gains of the day.
CURRENCY
The naira appreciated by 0.6% to NGN1,136.04/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 31bps to 30.4% despite the inflow from FGN bond coupon payment (NGN28.53 billion).
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 8bps to 18.8%. Across the curve, the average yield declined at the short (-23bps), mid (-3bps) and long (-4bps) segments as participants demanded the 87DTM (-127bps), 164 DTM (-3bps) and 346 DTM (-4bps) bills, respectively. Similarly, the average yield declined by 3bps to 18.2% in the OMO segment.
Trading in the Treasury bond secondary market was mixed, albeit with a bearish tilt, as the average yield inched higher by 1bp to 19.2%. Across the benchmark curve, the average yield expanded at the short (+2bps) end as investors sold off the MAR-2025 (+5bps) bond. Conversely, the average yield was flat at the mid and long segments.
Cordros
