EQUITIES
The Nigerian equities traded with mixed sentiments as the sell pressures on UBA (-1.7%) and FIDELITYBK (-3.4%) offset investors’ interest in OANDO (+2.8%) and GTCO (+1.6%). Precisely, the All-Share Index settled 1bp lower to close at 97,477.19 points. As a result, the Month-to-Date and Year-to-Date returns were unchanged at -1.1% and +30.4%, respectively.
The total volume traded declined by 22.0% to 277.75 million units, valued at NGN4.65 billion, and exchanged in 7,091 deals. FIDELITYBK was the most traded stock by volume at 43.34 million units, while ZENITHBANK was the most traded stock by value at NGN956.67 million.
Sectoral performance was mixed, as the Banking (-0.2%), Oil & Gas (-0.1%), and Consumer Goods (-0.1%) indices settled lower, while the Industrial Goods and Insurance indices closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 23 tickers gained relative to 21 losers. REGALINS (+10.0%) and CAVERTON (+9.7%) topped the gainers’ list, while DAARCOMM (-10.0%) and LIVESTOCK (-9.9%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 0.2% to NGN1,622.57/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 15bps to 32.4% in the absence of any significant funding pressure on the system.
Bearish sentiments resurfaced in the Treasury bills secondary market, as the average yield expanded by 28bps to 23.2%. Across the curve, the average yield expanded at the short (+95bps) and mid (+10bps) segments as participants sold off the 77DTM (+315bps) and 168DTM (+54bps) bills, respectively. However, the average yield pared at the long (-1bp) end following interest in the 329DTM (-24bps) bill. Meanwhile, the average yield expanded by 142bps to 25.9% in the OMO segment.
Proceedings in the Treasury bond secondary market were quiet, as the average yield closed flat at 18.9%. Across the benchmark curve, the average yield expanded at the short (+1bp) end following profit-taking activities in the MAR-25 (+5bps) bond but was unchanged at the mid and long segments.
