EQUITIES
The local bourse extended yesterday’s gains as buying interests in DANGCEM (+2.3%) and TRANSCORP (+3.5%) caused a 0.2% increase in the benchmark index to 104,744.43 points. Consequently, the Year-to-Date returns settled at +1.8%.
The total trading volume increased by 18.0% to 497.36 million units, valued at NGN11.84 billion, and exchanged in 13,716 deals. FBNH was the most traded stock by volume and value at 83.14 million units and NGN2.42 billion, respectively.
Analysing by sectors, the Industrial Goods (+1.2%), Consumer Goods (+0.9%), and Insurance (+0.2%) indices advanced, while the Oil & Gas (-1.2%) and Banking (-0.5%) indices declined.
As measured by market breadth, market sentiment was positive (1.4x), as 36 tickers gained relative to 25 losers. CHELLARAM (+10.0%) and HONYFLOUR (+10.0%) led the gainers, while GUINEAINS (-10.0%) and RTBRISCOE (-9.7%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 1.7% to NGN1,458.95/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 50bps to 27.0% in the absence of any significant inflows into the system.
The Treasury bills secondary market traded with bullish sentiments as the average yield declined by 4bps to 23.4%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-6bps) segments, driven by demand for the 21DTM (-2bps), 175DTM (-1bp), and 203DTM (-57bps) bills, respectively. Similarly, the average yield declined by 3bps to 27.4% in the OMO segment.
The FGN bond secondary market was bullish as the average yield declined by 8bps to 20.3%. Across the benchmark curve, the average yield decreased at the short (-30bps) and long (-2bps) ends, driven by interest in the MAR-2025 (-145bps) and APR-2037 (-2bps) bonds, respectively, while it inched higher at the mid (+2bps) segment following selloffs of the FEB-2031 (+6bps) bond.
