EQUITIES
The bears continued to dominate the local bourse as the All-Share Index dipped by 0.1% to close at 97,248.82 points. Today’s market performance was undermined by losses in OANDO (-10.0%). Sequentially, the Month-to-Date and Year-to-Date returns moderated to -0.5% and +30.1%, respectively.
The total volume of trades declined by 47.4% to 315.30 million units, valued at NGN5.48 billion, and exchanged in 8,365 deals. VERITASKAP was the most traded stock by volume at 38.42 million units, while GTCO was the most traded stock by value at NGN1.65 billion.
From a sectoral perspective, the Insurance (-0.9%), Banking (-0.3%), Consumer Goods (-0.2%), and Oil & gas (-0.2%) indices recorded losses, while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 23 tickers lost relative to 21 gainers. OANDO (-10.0%) and CUTIX (-9.9%) recorded the highest losses of the day, while GUINEAINS (+10.0%) and RTBRISCOE (+9.9%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.3% to NGN1,586.04/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 192bps to 35.1%, in the absence of any significant inflows into the system.
Bullish sentiments persisted in the T-bills secondary market, as the average yield contracted by 9bps to 25.5%. Across the curve, the average yield declined at the short (-1bp), mid (-4bps), and long (-17bps) segments, driven by participants’ demand for the 86DTM (-2bps), 177DTM (-17bps), and 191DTM (-67bps) bills, respectively. Similarly, the average yield contracted by 46bps to 26.2% in the OMO segment.
Elsewhere, activities in the FGN bond secondary market were bullish, as the average yield dipped by 4bps to 19.6%. Across the benchmark curve, the average yield declined at the short (-2bps) and mid (-13bps) segments due to buying interests in the MAR-2025 (-13bps) and FEB-2031 (-30bps) bonds, respectively, but was unchanged at the long end.
