EQUITIES
The domestic stock market closed higher for the third consecutive day as sustained interest in WAPCO (+6.1%) caused a 0.3% increase in the NGX ASI to 98,760.59. Accordingly, the Month-to-Date and Year-to-Date returns improved to +1.3% and +32.1%, respectively.
The total trading volume increased by 54.4% to 480.63 million units, valued at NGN6.87 billion, and exchanged in 8,109 deals. FCMB was the most traded stock by volume at 77.63 million units while ARADEL was the most traded stock by value at 753.60 million units.
Analyzing by sectors, the Oil & Gas (+2.7%), Insurance (+0.8%), Industrial Goods (+0.6%), and Consumer Goods (+0.3%) advanced, while the Banking (-0.2%) index declined.
As measured by market breadth, market sentiment was positive (1.5x), as 30 tickers gained relative to 20 losers. CONOIL (+10.0%) and TANTALIZER (+10.0%) topped the gainers’ list, while DAARCOMM (-8.5%) and CAVERTON (-8.2%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.1% to NGN1,547.46/USD in the Electronic Foreign Exchange Matching System (EFEMS).
MONEY MARKET & FIXED INCOME
The overnight lending rate remained at 32.7%, as system liquidity closed at a net short position (NGN1.60 trillion)
Proceedings in the Treasury bills secondary market were bullish as the average yield declined by 3bps to 25.7%. Across the curve, the average yield declined at the short (-2bps), mid (-8bps), and long (-2bps) segments, driven by demand for the 84DTM (-2bps), 161DTM (-43bps), and 343DTM (-2bps) bills, respectively. The average yield closed flat at 27.2% in the OMO segment.
The FGN bond secondary market traded cautiously as the average yield held steady at 19.1%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end, driven by sell pressures on the JAN-2026 (+2bps) bond, while it closed flat at the mid and long segments.
