EQUITIES
The Nigerian equities market traded on a bullish note, as buying interest in ACCESSCORP (+3.1%) and UNILEVER (+9.7%) drove the All-Share Index higher by 3bps to 104,560.02 points. As a result, the Month-to-Date and Year-to-Date returns settled at -1.0% and +1.6%, respectively.
The total volume of trade decreased by 13.9% to 368.77 million units, valued at NGN10.87 billion, and exchanged in 13,228 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 Consumer Goods (+0.7%) and Insurance (+0.2%) indices advanced, while the Industrial Goods (-0.9%) and Banking (-0.1%) indices declined. The Oil & Gas index remained unchanged.
As measured by market breadth, market sentiment was negative (0.8x), as 28 tickers lost relative to 23 gainers. NNFM (-10.0%) and CAVERTON (-9.1%) led the losers, while ABBEYBDS (+9.9%) and UNILEVER (+9.7%) posted the most significant gains of the day.
CURRENCY
The official FX rate depreciated by 0.3% to NGN1,607.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 17bps to 27% in the absence of any significant inflows into the system.
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 7bps to 21.1%. Across the curve, the average yield declined at the short (-4bps), mid (-1bp) and long (-12bps) segments driven by interests in 86DTM (-23bps), 149DTM (-2bps) and 191DTM (-75bps) bills, respectively. Similarly, the average yield declined by 11bps to 29.1% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet, albeit with a bullish undertone as the average yield contracted by 1bp to 18.7%. Across the benchmark curve, the average yield contracted at the short (-1bp) and mid (-3bps) segments, driven by demand for the JUL-2030 (-8bps) and FEB-2031 (-13bps) bonds, respectively. Meanwhile, the average yield remained unchanged at the long end.
