Stock Market

Banking Sector Propels NGX to Early Gains

EQUITIES

The local bourse commenced the week on a positive note as buying interest in ACCESSCORP (+9.9%) and FBNH (+7.8%) drove the benchmark index higher by 0.8% to 104,418.95 points. Consequently, the Year-to-Date returns settled at +1.5%.

The total trading volume decreased by 10.1% to 518.28 million units, valued at NGN13.30 billion, and exchanged in 17,196 deals. ACCESSCORP was the most traded stock by volume at 50.99 million units, while ZENITHBANK was the most traded stock by value at NGN1.69 billion.

Analysing by sectors, the Banking (+4.7%) and Consumer Goods (+1.7%) indices advanced, while the Insurance (-1.0%) and Oil & Gas (-0.9%) indices declined. The Industrial Goods index closed flat.

As measured by market breadth, market sentiment was positive (1.4x), as 38 tickers gained relative to 28 losers. BETAGLAS (+10.0%) and RTBRISCOE (+9.9%) led the gainers, while MRS (-10.0%) and TRANSCOHOT (-10.0%) recorded the highest losses of the day.

CURRENCY

The naira depreciated by 0.2% to NGN1,533.63/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

MONEY MARKET & FIXED INCOME

The overnight lending rate contracted by 33bps to 27.2% in the absence of any significant inflows into the system.

Proceedings in the Treasury bills secondary market were bullish as the average yield declined by 7bps to 24.8%. Across the curve, the average yield declined at the short (-5bps), mid (-5bps), and long (-9bps) segments, driven by demand for the 59DTM (-5bps), 164DTM (-5bps), and 311DTM (-62bps) bills, respectively. Similarly, the average yield declined by 6bps to 28.0% in the OMO segment.

The FGN bond secondary market was quiet albeit with a bullish tilt, as the average yield declined by 2bps to 20.4%. Across the benchmark curve, the average yield decreased at the short (-3bps) and mid (-6bps) segments, driven by interest in the JAN-2026 (-21bps) and FEB-2031 (-19bps) bonds, respectively, while it closed flat at the long end.

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