EQUITIES
The Nigerian equities market reversed yesterday’s gains as sell pressures on BUACEMENT (-5.9%) undermined market performance. Thus, the NGX-ASI declined by 0.2% to 97,233.07 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -0.4% and +30.0%, respectively.
The total volume traded increased by 20.0% to 291.53 million units, valued at NGN7.82 billion, and exchanged in 7,931 deals. ACCESSCORP was the most traded stock by volume and value at 60.36 million units and NGN1.50 billion, respectively.
On sectors, the Industrial Goods (-1.9%) and Oil & Gas (-1.8%), indices posted losses while the Insurance (+1.0%), Consumer Goods (+0.6%) and Banking (+0.5%) indices recorded gains.
As measured by market breadth, market sentiment was positive (2.0x), as 30 tickers gained relative to 15 losers. FLOURMILL (+10.0%) and JOHNHOLT (+9.9%) recorded the highest gains of the day, while ABBEYBDS (-9.8%) and ABCTRANS (-9.5%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.3% to NGN1,650.20/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 7bps to 32.3% in the absence of any significant outflows from the system.
The Treasury bills secondary market closed on a bullish note, as the average yield declined by 2bps to 23.9%. Across the curve, the average yield declined at the short (-1bp), mid (-2bps) and long (-2bps) segments, driven by mild interest in the 84DTM (-2bps), 175DTM (-2bps) and 343DTM (-2bps) bills, respectively. Similarly, the average yield contracted by 2bps to 26.4% in the OMO segment.
Activities in the FGN bond secondary market remained calm, as the average yield closed flat at 19.1%.
