EQUITIES
Bullish sentiments resurfaced in the domestic bourse as gains in MTNN (+7.5%) and OANDO (+6.7%) drove the All-Share Index higher by 0.6% to 96,802.80 points. Thus, the Month-to-Date and Year-to-Date returns settled higher at +0.2% and +29.5%, respectively.
The total volume of trades declined by 46.8% to 406.19 million units, valued at NGN13.31 billion, and exchanged in 12,234 deals. OANDO was the most traded stock by volume and value at 58.49 million units and NGN5.52 billion, respectively.
On sectors, the Banking (-0.5%), Insurance (-0.4%), and Consumer Goods (-0.2%) indices settled lower, while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.8x), as 30 tickers gained relative to 17 losers. RTBRISCOE (+9.9%) and CALVERTON (+9.8%) topped the gainers’ list, while LEARNAFRICA (-9.7%) and JAPAULGOLD (-6.7%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 3.5% to NGN1,637.59/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 48bps to 31.5% in the absence of any significant funding pressure on the system.
Trading in the T-bills secondary market was mixed, albeit with a bearish tilt, as the average yield expanded slightly by 1bp to 20.0%. Across the curve, the average yield increased at the short (+2bps) and long (+2bps) ends, following sell pressures on the 30DTM (+19bps) and 359DTM (+35bps) bills, respectively. Meanwhile, the average yield declined at the mid (-1bp) segment due to demand for the 177DTM (-1bp) bill. Similarly, the average yield expanded by 20bps to 23.5% in the OMO segment.
The Treasury bond secondary market traded in a lull, as the average yield closed flat at 18.4%. Across the benchmark curve, the average yield pared at the short (+1bp) end due to demand for the MAR-2025 (+2bps) bond but closed flat at the mid and long segments.
