EQUITIES
The local bourse paused its five-day bullish run as losses in BUACEMENT (-10.0%) and FBNH (-6.1%) offset the gain in TRANSCORP (+10.0%) which resumed trading today following the conclusion of their share reconstruction exercise. Thus, the All-Share Index declined by 0.7% to 98,708.90 points, with the MTD and YTD returns moderating to +0.2% and +32.0%, respectively.
The total volume of trades decreased by 25.0% to 345.79 million units, valued at NGN4.38 billion, and exchanged in 9,281 deals. CHAMS was the most traded stock by volume at 84.62 million units, while UBA was the most traded stock by value at NGN790.18 million.
Sectoral performance was negative, as the Industrial Goods (-3.5%), Banking (-1.5%), Insurance (-1.1%), Oil & Gas (-0.3%), and Consumer Goods (-0.3%) indices all posted losses.
As measured by market breadth, market sentiment was negative (0.6x), as 27 tickers lost relative to 17 gainers. BUACEMENT (-10.0%) and LASACO (-9.8%) led the losers, while LIVESTOCK (+10.0%) and TRANSCORP (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 4.2% to NGN1,670.65/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 247bps to 27.7% following inflows from FGN bond coupon (NGN260.67 billion).
Sentiments in the Treasury bills secondary market were bullish, as the average yield declined by 2bps to 24.2%. Across the curve, the average yield dipped at the short (-4bps) and long (-5bps) ends following demand for the 87DTM (-4bps) and 220DTM (-6bps) bills, respectively, but advanced at the mid (+4bps) segment as investors sold off the 101DTM (+64bps) bill. Meanwhile, the average yield declined by 6bps to 26.1% in the OMO segment.
Elsewhere, the Treasury bond secondary market traded on a calm note, albeit with a bullish tilt as the average yield pared by 1bp to 19.1%. Across the benchmark curve, the average yield declined at the short (-2bps) and mid (-2bps) segments, driven by participants’ interest in the MAR-2025 (-15bps) and FEB-2031 (-7bps) bonds. The average yield closed flat at the long end.
