EQUITIES
The bears continued to dominate activities in the local bourse as investors took profits off UBA (-5.1%) and DANGSUGAR (-3.7%). Thus, the All-Share index settled 0.1% lower to close at 100,365.17 points. Sequentially, the MTD and YTD returns moderated to +0.3% and +34.4%, respectively.
The total trading volume increased by 77.2% to 497.84 million units, valued at NGN8.61 billion, and exchanged in 8,412 deals. FCMB was the most traded stock by volume at 133.92 million units, while ZENITHBANK was the most traded stock by value at NGN2.19 billion.
Analysing by sectors, the Banking (-0.8%) and Consumer Goods (-0.2%) indices declined while the Insurance (+0.4%) index advanced. Meanwhile, the Industrial Goods and Oil & Gas indices stayed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 21 tickers lost relative to 15 gainers. NSLTECH (-9.4%) and RTBRISCOE (-8.2%) topped the losers’ list, while SOVRENINS (+10.0%) and INTBREW (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 2.4% to NGN1,586.71/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 362bps to 35.5%, following debits for the July 2024 FGN bond auction (NGN225.72 billion).
The NTB secondary market closed on a bullish note, as the average yield declined by 2bps to 25.0%. Across the curve, the average yield contracted at the short (-1bp), mid (-2bps) and long (-2bps) segments, as investors demanded the 92DTM (-1bp), 155DTM (-2bps) and 337DTM (-2bps) bills, respectively. Conversely, the average yield advanced by 13bps to 24.5% in the OMO segment.
Activities in the Treasury bond secondary market were mostly calm, as the average yield increased slightly by 1bp to 19.2%. Across the benchmark curve, the average yield inched higher at the short (+1bp) and mid (+3bps) segments, as investors sold off the JAN-2026 (+7bps) and JUNE-2033 (+14bps) bonds, respectively. Elsewhere, the average yield was flat at the long end.
Cordros
