Stock Market

Local Bourse Sustains Positive Performance as ASI Up 1.0%

EQUITIES

Bargain hunting activities continued today in the Nigerian equities market with BUACEMENT (+4.7%) and WAPCO (+9.1%) lifting the bourse. Consequently, the All-Share Index ended the session 1.0% higher at 119,790.82 points, with the Month-to-Date and Year-to-Date returns settling at +7.2% % and +16.4% %, respectively.

The total volume traded increased by 32.9% to 868.68 million units, valued at NGN23.71 billion, and exchanged in 22,207 deals. LIVINGTRUST was the most traded stock by volume at 112.27 million units, while OKOMUOIL was the most traded stock by value at NGN3.27 billion.

Sectoral performance was broadly positive, as the Industrial Goods (+3.1%), Consumer Goods (+2.0%), Banking (+0.9%) and Insurance (+0.1%) indices advanced, while the Oil & Gas (-1.5%) index declined.

As measured by market breadth, market sentiment was positive (2.6x), as 60 tickers gained relative to 23 losers. DANGSUGAR (+10.0%) and OKOMUOIL (+10.0%) led the gainers, while DAARCOMM (-7.8%) and PRESTIGE (-5.6%) recorded the most significant losses of the day.

CURRENCY

The official FX rate depreciated by 0.3% to NGN1,551.00/USD.

MONEY MARKET & FIXED INCOME

The overnight lending rate expanded by 477bps to 31.9% in the absence of any significant funding pressures on the system.

Proceedings in the Treasury bill secondary market were bullish, as the average yield contracted by 11bps to 20.4%. Across the curve, the average yield contracted at the short (-1bp) and long (-23bps) ends, driven by the demand for the 86DTM (-1bp) and 198DTM (-78bps) bills, respectively but expanded at the mid (+2bps) segment due to profit taking activities on the 163DTM (+21bps) bill. Similarly, the average yield contracted by 2bps to 26.6% in the OMO segment.

Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 5bps to 18.2%. Across the benchmark curve, the average yield contracted at the long (-11bps) end, driven by the demand for the JAN-2042 (-90bps) bond, but remained unchanged at the short and mid segments.

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