EQUITIES
The local bourse edged higher in today’s trading session as buying interest in GTCO (+5.3%) supported market performance. Thus, the All-Share Index inched higher by 3bps to close at 98,255.72 points. Accordingly, the Month-to-Date and Year-to-Date returns printed 0.0% and +31.4%, respectively.
The total volume traded increased by 112.0% to 676.42 million units, valued at NGN16.66 billion, and exchanged in 8,415 deals. NB was the most traded stock by volume and value at 300.86 million units and NGN6.91 billion, respectively.
Analysing by sectors, the Banking (+1.1%), Insurance (+0.5%) indices advanced while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (-0.5%) index was the sole loser of the day.
As measured by market breadth, market sentiment was mixed (1.0x), as 22 tickers lost relative to 21 gainers. PZ (-9.9%) and SOVRENINS (-9.5%) topped the losers’ list, while LEARNAFRCA (+10.0%) and TANTALIZER (+7.7%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 2.7% to NGN1,459.73/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 75bps to 29.0%, despite the debits for the net NTB issuance (NGN95.31 billion).
Activities in the Treasury bills secondary market were bullish, as the average yield pared by 1bp to 22.5%. Across the curve, the average yield contracted at the short (-2bps), mid (-1bp) and long (-1bp) segments following demand for the 63DTM (-2bps), 168DTM (-1bp) and 322DTM (-1bp) bills, respectively. Similarly, the average yield declined by 1bp to 18.7% in the OMO segment.
Elsewhere, the Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 4bps to 18.5%. Across the benchmark curve, the average yield expanded at the short (+1bp) and mid (+19bps) segments as market participants sold off the MAR-2025 (+2bps) and FEB-2031 (+46bps) bonds, respectively. Meanwhile, the average yield pared at the long (-1bp) end due to mild interest in the JUN-2053 (-13bps) bond.
