EQUITIES
The Local bourse continued its bullish run, as gains in OANDO (+10.0%), GTCO (+2.2%) and FIRSTHOLDCO (+2.7%), drove the All-Share Index higher by 0.3% to 112,781.73 points. Consequently, the Month-to-Date and Year-to-Date returns settled at +0.9% and +9.6%, respectively.
The total volume traded declined by 1.8% to 611.53 million units, valued at NGN16.68 billion, and exchanged in 13,682 deals. FIDELITYBK was the most traded stock by volume at 93.47 million units, while GTCO was the most traded stock by value at NGN5.95 billion.
Sectoral performance was broadly positive as the Oil & Gas (+0.9%), Banking (+0.9%), Consumer Goods (+0.5%) and Insurance (+0.4%) indices advanced. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.6x), as 32 tickers gained relative to 20 losers. OANDO (+10.0%) and UHOMREIT (+10.0%) led the gainers, while NCR (-9.9%) and ABCTRANS (-9.8%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 1.2% to NGN1,564.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 4bps to 26.9% in the absence of any significant inflows into the system.
Proceedings in the Treasury bill secondary market were bullish, as the average yield contracted by 3bps to 20.7%. Across the curve, the average yield contracted at the short (-6bps), mid (-1bp) and long (-1bp) segments, driven by the demand for the 36DTM (-44bps), 169DTM (-1bp) and 351DTM (-2bps) bills, respectively. Conversely, the average yield expanded by 17bps to 26.2% in the OMO segment.
Activities in the Secondary bond market were quiet, as the average yield closed flat at 18.5%.
