EQUITIES
Unlike in the past two trading sessions, performance in the domestic equities market was negative as sell pressures on MTNN (-6.5%) triggered a 0.2% decline in the benchmark index. Thus, the NGX ASI closed at 100,063.32 points, with the Month-to-Date and Year-to-Date returns settling at 0.0% and +33.8%, respectively.
The total volume of trades surged by 152.4% to 863.58 million units, valued at NGN12.56 billion, and exchanged in 7,931 deals. FIDELITYBK was the most traded stock by volume and value at 539.40 million units and NGN5.66 billion, respectively.
Sectoral performance was mixed, as the Banking (+2.1%), Oil & Gas (+1.4%) and Insurance (+0.2%) indices advanced, while the Industrial Goods (-0.1%) index declined. The Consumer Goods index was unchanged.
As measured by market breadth, market sentiment was mixed (1.0x), as 24 tickers lost relative to 23 gainers. DAARCOMM (-8.3%) and UPDCREIT (-8.3%) topped the losers’ list, while OANDO (+9.9%) and CONOIL (+9.5%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 0.5% to NGN1,520.24/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 16bps to 32.4% in the absence of any significant outflows from the system.
Activities in the NTB secondary market was bearish, as the average yield expanded by 28bps to 22.5%. Across the curve, the average yield contracted slightly at the short (-1bp) and mid (-1bp) segments due to demand for the 84DTM (-1bp) and 175DTM (-1bp) bills, respectively. Conversely, the average yield expanded at the long (+7bps) end, driven by profit-taking activities in the 336DTM (+25.56ppts) bill. Elsewhere, the average yield advanced by 100bps to 24.4% in the OMO segment.
Proceedings in the Treasury bond secondary market was mixed, as the average yield stayed flat at 18.6%. Across the benchmark curve, the average yield increased at the short (+3bps) end due to the selloffs of the MAR-2027 (+12bps) bond but pared at the long (-1bp) end, following interests in the MAR-2035 (-28bps) bond. Meanwhile, the average yield was unchanged at the mid-segment.
