EQUITIES
The domestic stock market edged higher in today’s trading session driven by bargain hunting in UBA (+5.7%), ZENITHBANK (+2.5%), FBNH (+3.2%), FIDELITYBK (+8.4%) and ACCESSCORP (+3.4%). Consequently, the NGX ASI notched a 0.3% gain to close at 97,863.34 points. Sequentially, the MTD and YTD returns settled at -0.4% and +30.9%, respectively.
The total trading volume declined by 52.3% to 366.98 million units, valued at NGN5.94 billion, and exchanged in 8,031 deals. ACCESSCORP was the most traded stock by volume and value at 176.23 million units and NGN2.99 billion, respectively.
Analysing by sectors, the Banking (+2.5%), Oil & Gas (+1.0%) and Consumer Goods (+0.2%) indices recorded gains while the Industrial Goods index closed flat. The Insurance (-0.7%) index was the sole loser of the day.
As measured by market breadth, market sentiment was negative (0.7x), as 21 tickers lost relative to 15 gainers. t (-10.0%) and CWG (-10.0%) recorded the highest losses of the day, while JOHNHOLT (+9.6%) and FIDELITYBK (+8.4%) topped the gainers’ list.
CURRENCY
The naira appreciated by 10.7% to NGN1,339.33/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 156bps to 31.4%, in the absence of any significant inflows into the system.
Trading in the Treasury bills secondary market was bullish, as the average yield dipped by 21bps to 21.8%. Across the curve, the average yield declined at the short (-69bps), mid (-3bps) and long (-5bps) segments following demand for the 45DTM (-506bps), 178DTM (-4bps) and 332DTM (-5bps) bills, respectively. Likewise, the average yield contracted by 4bps to 20.8% in the OMO segment.
Conversely, activities in the Treasury bond secondary market were bearish, as the average yield expanded by 2bps to 18.5%. Across the benchmark curve, the average yield inched higher at the short (+2bps) and mid (+5bps) segments, driven by sell pressures on the MAR-2025 (+5bps) and JUN-2033 (+19bps) bonds, respectively. Meanwhile, the average yield was flat at the long end.
