EQUITIES
The Nigerian equities market recorded its first positive performance of the week as bargain-hunting in STANBIC (+9.6%) drove the benchmark index higher by 0.2%. As a result, the All-Share Index closed at 99,284.38 points, with the Month-to-Date and Year-to-Date returns settling at 0.0% and +32.8%, respectively.
The total volume traded declined by 11.3% to 308.14 million units, valued at NGN4.86 billion, and exchanged in 7,690 deals. FIDELITYBK was the most traded stock by volume and value at 84.05 million units and NGN883.22 million, respectively.
Sectoral performance was broadly positive, as the Banking (+2.5%), Oil & Gas (+0.3%) and Consumer Goods (+0.2%) indices advanced, while the Insurance (-1.5%) index settled lower. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 23 tickers lost relative to 18 gainers. ETERNA (-9.8%) and REDSTAREX (-9.8%) topped the losers’ list, while OANDO (+9.9%) and LINKASSURE (+9.4%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 0.8% to NGN1,488.60/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 176bps to 30.3%, following the settlements for the OMO auction (NGN513.95 billion) conducted yesterday.
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 36bps to 22.1%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments following demand for the 92DTM (-1bp) and 169DTM (-1bp) bills, respectively, but advanced at the long (+40bps) end as participants sold off the 351DTM (+25.46ppts) bill. Similarly, the average yield increased by 60bps to 22.0% in the OMO segment.
Sentiments in the Treasury bonds secondary market was bearish, as the average yield expanded by 3bps to 18.6%. Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+14bps) segments driven by sell pressures on the MAR-2025 (+2bps) and FEB-2031 (+33bps) bonds but closed flat at the long end.
