EQUITIES
The domestic stock market commenced the week’s trading on a positive note as bargain hunting in MTNN (+2.7%) triggered a 0.1% gain in the benchmark index. As a result, the NGX ASI closed at 98,176.58 points as the MTD and YTD returns printed -0.1% and +31.3%, respectively.
The total volume of trades surged by 118.2% to 405.66 million units, valued at NGN6.69 billion, and exchanged in 8,439 deals. ACCESSCORP was the most traded stock by volume and value at 201.31 million units and NGN3.41 billion, respectively.
Performance across the sectors was mixed, as the Banking (-1.5%) index declined while the Insurance (+0.5%) index advanced. Elsewhere, the Oil & Gas, Consumer Goods and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 28 tickers lost relative to 13 gainers. CHAMPION (-10.0%) and CILEASING (-9.8%) recorded the most significant losses of the day, while MCNICHOLS (+10.0%) and BERGER (+9.7%) topped the gainers’ list.
CURRENCY
The naira appreciated by 1.9% to NGN1,468.99/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 40bps to 31.1%, in the absence of any significant outflows from the system.
The Nigerian Treasury bills secondary market traded on a bullish note, as the average yield dipped by 4bps to 22.1%. Across the curve, the average yield contracted at the short (-4bps), mid (-3bps) and long (-4bps) segments, due to interests in the 52DTM (-5bps), 157DTM (-4bps) and 339DTM (-5bps) bills, respectively. Similarly, the average yield declined by 4bps to 20.9% in the OMO segment.
Trading in the Treasury bond secondary market was calm, as the average yield expanded marginally by 1bp to 18.6%. Across the benchmark curve, the average yield increased at the short (+2bps) end driven by sell pressures on the MAR-2025 (+5bps) bond but closed flat at the mid and long segments.
