EQUITIES
The bulls continued to dominate the Nigerian stock market as gains in ACCESSCORP (+10.0%) and FBNH (+3.2%) spurred a 0.3% increase in the benchmark index. As a result, the All-Share Index closed at 99,189.95 points, with the Month-to-Date and Year-to-Date returns settling at +0.6% and +32.7%, respectively.
The total volume traded increased by 41.3% to 400.91 million units, valued at NGN15.72 billion, and exchanged in 9,211 deals. UBA was the most traded stock by volume at 58.42 million units, while ARADEL was the most traded stock by value at NGN4.24 billion.
On sectors, the Banking (+2.6%) and Insurance (+0.7%) indices advanced, while the Consumer Goods (-0.8%) index settled lower. The Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.4x), as 27 tickers gained relative to 17 losers. ACCESSCORP (+10.0%) and ACADEMY (+9.8%) recorded the most significant gains of the day, while ROYALEX (-9.7%) and INTBREW (-6.2%) topped the losers’ list.
CURRENCY
The naira appreciated by 3.3% to NGN1,601.20/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 130bps to 32.1% in the absence of any significant funding pressures on the system.
The Nigerian treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 4bps to 24.1%. Across the curve, the average yield declined at the short (-1bp), mid (-11bps) and long (-2bps) segments, driven by demand for the 91DTM (-1bp), 154DTM (-70bps) and 336DTM (-2bps) bills, respectively. Similarly, the average yield dipped by 55bps to 25.9% in the OMO segment.
Elsewhere, the Treasury bond secondary market closed on a bullish note, as the average yield declined by 3bps to 19.1%. Across the benchmark curve, the average yield dipped at the mid (-13bps) segment following buying-interest in the FEB-2031 (-39bps) bond but closed flat at the short and long ends.
