EQUITIES
Bearish sentiments persisted in the Nigerian stock market as losses in DANGCEM (-10.0%) and MTNN (-3.7%) caused a 1.7% decline in the benchmark index to 103,622.09 points. Consequently, the Year-to-Date returns moderated to +0.7%.
The total trading volume decreased by 0.5% to 503.31 million units, valued at NGN12.63 billion, and exchanged in 12,900 deals. GTCO was the most traded stock by volume and value at 54.35 million units and NGN3.15 billion, respectively.
Analysing by sectors, the Industrial Goods (-5.0%), Insurance (-2.8%), Consumer Goods (-0.3%), and Banking (-0.1%) indices declined, while the Oil & Gas (+0.3%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.6x), as 40 tickers lost relative to 23 gainers. HONYFLOUR (-10.0%) and DANGCEM (-10.0%) led the losers, while NNFM (+10.0%) and LIVESTOCK (+9.9%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 0.1% to NGN1,549.65/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 33bps to 32.3% following inflows from OMO maturities (NGN252.50 billion)
Proceedings in the Treasury bills secondary market were bullish as the average yield declined by 22bps to 25.0%. Across the curve, the average yield declined at the short (-31bps), mid (-2bps), and long (-28bps) segments, driven by demand for the 51DTM (-123bps), 177DTM (-2bps), and 240DTM (-241bps) bills, respectively. Conversely, the average yield expanded by 22bps to 28.0% in the OMO segment.
The FGN bond secondary market was quiet as the average yield was unchanged at 19.5%. Across the benchmark curve, the average yield increased at the short (+1bp) end, driven by sell pressures on the JAN-2026 (+2bps) bond, but closed flat at the mid and long segments.
