EQUITIES
The domestic bourse extended yesterday’s loss as sell pressures on OANDO (-3.5%), UBA (-1.8%), and FBNH (-1.7%) drove the All-Share Index lower by 0.1% to close at 97,487.14 points. Consequently, the Month-to-Date and Year-to-Date returns printed -1.1% and +30.4%, respectively.
The total volume of trades declined by 50.5% to 356.13 million units, valued at NGN6.95 billion, and exchanged in 8,582 deals. FIDELITYBK was the most traded stock by volume at 66.24 million units, while UBA was the most traded stock by value at NGN1.03 billion.
On sectors, the Banking (-0.7%), Oil & Gas (-0.5%), and Insurance (-0.2%) indices recorded losses, while the Consumer Goods index (+0.3%) advanced. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.4x), as 37 tickers lost relative to 15 gainers. ELLAHLAKES (-9.8%) and ABCTRANS (-9.6%) led the losers, while LASACO (+10.0%) and MECURE (+9.4%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 3.9% to NGN1,625.13/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 56bps to 35.1% following inflows from OMO maturities (NGN397.86 billion).
Bullish sentiments persisted in the T-bills secondary market, as the average yield contracted by 6bps to 22.9%. Across the curve, the average yield declined at the short (-1bp) and long (-25bps) ends, driven by buying interest in the 92DTM (-2bps) and 351DTM (-69bps) bills, respectively. Meanwhile, the average yield advanced at the mid (+24bps) segment following profit-taking activities on the 134DTM (+175bps) bill. Elsewhere, the average yield contracted by 2bps to 24.5% in the OMO segment.
The FGN bond secondary market saw minimal activity, with the average yield holding steady at 18.9%.
