EQUITIES
The local bourse reversed yesterday’s gains as sell pressures in GTCO (-1.5%) and ZENITHBANK (-0.4%) triggered a 0.7% decline in the All-Share index to 103,851.88 points. Thus, the Month-to-Date and Year-to-Date returns settled at -1.7% and +0.9%, respectively.
The total trading volume decreased by 4.6% to 351.66 million units, valued at NGN13.71 billion, and exchanged in 12,141 deals. FIDELITYBK was the most traded stock by volume at 47.43 million units, while MTNN was the most traded stock by value at NGN2.74 billion.
Sectoral performance was mixed, as the Banking (-4.7%) and Oil & Gas (-0.1%) indices declined while the Insurance (+0.8%) and Consumer Goods (+0.3%) indices advanced. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.3x), as 25 tickers gained relative to 20 losers. NNFM (-10.0%) and CAVERTON (-9.1%) %) recorded the most significant losses of the day, while ABBEYBDS (+9.9%) and UNILEVER (+9.7%) topped the gainers list.
CURRENCY
The official FX rate depreciated by 0.1% to NGN1,608.00/USD
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 9bps to 27.1% in the absence of any significant funding pressure on the system.
The NTB secondary market traded with bearish sentiments, as the average yield expanded by 6bps to 21.1%. Across the curve, the average yield declined at the short (-9bps) and mid (-1bp) segments following the demand for the 86DTM (-55bps) and 177DTM (-1bp) bills, respectively but expanded at the long (+16bps) end due to the sell off of the 240DTM (+75bps). Conversely, the average yield declined by 80bps to 28.3% in the OMO segment.
Activities in the FGN bond secondary market was quiet as the average yield remained unchanged at 18.7%.
