EQUITIES
The Nigerian Equities market reversed yesterday’s gains as sell pressures in ZENITHBANK (-3.6%), UBA (-2.4%) and ACCESSCORP (-1.0%) triggered a 0.2% decline in the All-Share Index to 103,398.82 points. Thus, the Year-to-Date return settled at +0.5%.
The total volume traded increased by 29.9% to 1.11 billion units, valued at NGN14.64 billion, and exchanged in 16,617 deals. FBNH was the most traded stock by volume and value at 161.46 million units and NGN4.72 billion, respectively.
On sectors, the Insurance (-7.7%), Banking (-0.6%), Consumer Goods (-0.4%) and Oil & Gas (-0.1%) indices posted losses while the Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was negative (0.4x), as 49 tickers lost relative to 19 gainers. FTNCOCOA (-10.0%) and VERITASKAP (-10.0%) recorded the highest losses of the day, while ABBEYBDS (+10.0%) and PZ (-9.5%) led the gainers.
CURRENCY
The naira depreciated by 3bps to NGN1,537.03/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 160bps to 28.6% despite inflows from OMO maturities (NGN164.68 billion).
The Treasury bills secondary market closed on a bullish note, as the average yield declined by 1bp to 25.4%. Across the curve, the average yield expanded at the short (+2bp) end due to the sell-off on the 79DTM (+18bps) but declined in the mid (-2bps) and long (-2bps) segments, driven by interest in the 170DTM (-2bps) and 317DTM (-2bps) bills, respectively. Elsewhere, the average yield expanded by 7bps to 27.6% in the OMO segment.
Activities in the FGN bond secondary market remained calm as the average yield inched higher by 1bp to 19.4%. Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+2bps) segments, driven by sell pressures on the JAN-2026 (+2bps) and FEB-2031 (+6bps) bonds, respectively but closed flat at the long end.
