EQUITIES
The Nigerian equities market traded with bearish sentiments driven by profit-taking activities in OANDO (-6.8%), UBA (-4.6%), FBNH (-4.4%), and ACCESSCORP (-4.1%). Thus, the All-Share Index declined by 0.3% to close at 98,232.39 points, with the Year-to-Date returns moderating to +31.4%.
The total trading volume declined by 77.4% to 419.88 million units, valued at NGN8.27 billion, and exchanged in 11,823 deals. UBA was the most traded stock by volume and value at 108.02 million units and NGN3.01 billion, respectively.
On Sectors, the Banking (-2.0%) and Oil & Gas (-0.1%) indices declined, while the Consumer Goods (+1.1%) and Insurance (+1.0%) indices advanced. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 31 tickers lost relative to 25 gainers. ELLAHLAKES (-9.9%) and CAVERTON (-9.9%) topped the losers’ list, while INTBREW (+10.0%) and MEYER (+9.9%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 7.6% to NGN1,669.15/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 96bps to 29.7% in the absence of any significant funding pressure on the system.
The NTB secondary market traded with bearish sentiments, as the average yield expanded by 61bps to 22.5%. Across the curve, the average yield increased at the short (+4bps), mid (+48bps), and long (+106bps) segments following profit-taking activities on the 22DTM (+148bps), 162DTM (+123bps), and 323DTM (+207bps) bills, respectively. Conversely, the average yield declined by 3bps to 23.8% in the OMO segment.
Proceedings in the FGN bond secondary market was bearish as the average yield increased by 8bps to 18.7%. Across the benchmark curve, the average yield expanded at the short (+8bps) and mid (+22bps) segments due to selloffs of the MAR-2025 (+34bps) and FEB-2031 (+65bps) bonds, respectively. Meanwhile, the average yield closed flat at the long end.
