EQUITIES
Bearish sentiments persisted in the domestic stock market as losses in MTNN (-4.8%), JAIZBANK (-4.4%), and WAPIC (-8.8%) drove the All-Share Index lower by 0.2% to 140,716.10 points. Accordingly, the Month-to-Date and Year-to-Date returns settled lower at +0.3% and +36.7%, respectively.
The total volume of trades declined by 41.7% to 442.56 million units, valued at NGN16.97 billion, and exchanged in 21,684 deals. ZENITHBANK was the most traded stock by volume and value at 68.99 million units and NGN4.76 billion, respectively.
Sectoral performance was mixed as the Insurance (-0.3%) and Oil & Gas (-0.1%) indices declined while the Banking (+1.3%), Consumer Goods (+0.6%), and Industrial Goods (+0.3%) indices advanced.
As measured by market breadth, market sentiment was negative (0.9x), as 23 tickers gained relative to 27 losers. DEAPCAP (-9.4%) and LEGENDINT (-9.3%) led the laggards, while DANGSUGAR (+10.0%) and MECURE (+10.0%) posted the most significant gains of the day.
CURRENCY
The official FX rate depreciated by 0.4% to NGN1,498.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 204bps to 24.9% in the absence of any significant inflows into the system.
Proceedings in the Nigerian Treasury bill market were quiet, albeit with a bullish tilt as the average yield contracted by 1bp to 18.4%. Across the curve, the average yield contracted at the mid (-1bp) and long (-1bp) segments, driven by the demand for the 176DTM (-1bp) and 344DTM (-1bp) bills, respectively. The average yield remained unchanged at the short end. Similarly, the average yield contracted by 25bps to 21.7% in the OMO segment.
The FGN bond secondary market traded on a bearish tone, as the average yield expanded by 1bp to 16.4%. Across the benchmark curve, the average yield expanded at the short (+2bps) and mid (+2bps) segments, due to selloffs on the JAN-2026 (+30bps), FEB-2031 (+11bps) bonds, respectively. The average yield remained unchanged at the long end.
