EQUITIES
The Nigerian equities market commenced the week on a positive note as gains in TRANSCORP (+9.9%) drove the benchmark index higher by 0.1% to 106,621.91 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -1.1% and +3.6%, respectively.
The total trading volume increased by 4.5% to 364.97 million units, valued at NGN17.63 billion, and exchanged in 14,565 deals. FIDELITYBK was the most traded stock by volume at 56.41 million units, while GEREGU was the most traded stock by value at NGN9.45 billion.
Analysing by sectors, the Consumer Goods (+0.2%) and Banking (+0.2%) indices gained, while the Insurance (-0.9%), Oil & Gas (-0.4%), and Industrial Goods (-0.2%) indices declined.
As measured by market breadth, market sentiment was positive (1.2x), as 32 tickers gainers relative to 26 losers. ETERNA (+10.0%) and TRANSCORP (+9.9%) led the gainers, while VFDGROUP (-9.9%) and INTENEGINS (-8.7%) recorded the highest losses of the day.
CURRENCY
The official FX rate depreciated by 0.8% to NGN1,529.44/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate increased by 483bps to 32.5% in the absence of any funding pressure on the system.
The Treasury bills secondary market was quiet, albeit with a bullish tilt, as the average yield declined by 1bp to 19.0%. Across the curve, the average yield declined at the mid (-3bps) segment, driven by demand for the 164DTM (-3bps) bill, while it closed flat at the short and long ends. Similarly, the average yield declined by 3bps to 22.4% in the OMO segment.
Proceedings in the FGN bond secondary market were bullish as the average yield declined by 1bp to 18.2%.
Across the benchmark curve, the average yield decreased at the short (-1bp) and mid (-2bps) segments, driven by demand for the JUL-2030 (-5bps) and FEB-2031 (-8bps) bonds, respectively, while it closed flat at the long end.
