EQUITIES
Trading in the domestic bourse commenced the week on a negative note, as profit-taking activities witnessed in ZENITHBANK (-2.5%) caused a 4bps decline in the NGX ASI to 100,020.83 points. Accordingly, the Year-to-Date gain moderated to +33.8%.
The total volume of trades decreased by 45.6% to 274.68 million units, valued at NGN3.71 billion, and exchanged in 10,112 deals. UCAP was the most traded stock by volume and value at 26.64 million units and NGN737.25 million, respectively.
Sectoral performance was broadly negative, as the Insurance (-1.2%), Consumer Goods (-0.1%), and Banking (-0.1%) indices posted losses, while the Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 27 tickers lost relative to 19 gainers. ETRANZACT (-10.0%) and FIDSON (-9.7%) led the losers, while LINKASSURE (+10.0%) and AFRIPRUD (+9.8%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.2% to NGN1,508.99/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 82bps to 25.8%, following the debits for Friday’s OMO auction (NGN264.33 billion).
Proceedings in the NTB secondary market was bullish as the average yield contracted by 4bps to 22.0%. Across the curve, the average yield declined at the short (-3bps), mid (-4bps), and long (-5bps) segments as participants demanded the 87DTM (-3bps), 178DTM (-4bps), and 325DTM (-6bps) bills, respectively. Similarly, the average yield dipped by 5bps to 23.4% in the OMO segment.
The FGN bond secondary market traded on a calm note, as the average yield notched higher by 1bp to 18.6%. Across the benchmark curve, the average yield increased at the short (+2bps) end due to selloffs of the MAR-2025 (+7bps) bond while it stayed flat at the mid and long segments.
