EQUITIES
The domestic stock market extended its losing streak, as profit-taking in MTNN (-5.9%), TRANSCORP (-10.0%), and WAPCO (-7.1%) caused a 1.2% decline in the All-Share Index to 150,812.02 points. Consequently, the Month-to-Date and Year-to-Date returns settled lower at -2.2% and +46.5%, respectively.
The total volume traded advanced by 63.4% to 1.12 billion units, valued at NGN29.78 billion and exchanged in 27,303 deals. FIDELITYBK was the most traded stock by volume and value at 608.16 million units and NGN13.95 billion, respectively.
Sectoral performance was broadly negative as the Industrial Goods (-1.2%), Consumer Goods (-1.0%), Banking (-0.2%), and Insurance (-0.1%) indices declined, while the Oil & Gas (+0.2%) index advanced.
As measured by market breadth, market sentiment was negative (0.3x), as 45 tickers lost relative to 15 gainers. CILEASING (-10.0%) and TRANSCORP (-10.0%) led the laggards, while NCR (+10.0%) and LEGENDINT (+9.2%) posted the most significant gains of the day.
CURRENCY
The official FX rate depreciated by 0.8% to NGN1,442.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 9bps to 24.8% in the absence of any significant inflows into the system.
The NTB secondary market traded with bullish sentiments as the average yield contracted by 5bps to 17.4%. Across the curve, the average yield contracted at the short (-1bp), mid (-7bps) and long (-6bps) segments, driven by the demand for the 92DTM (-3bps), 169DTM (-10bps), and 302DTM (-17bps) bills, respectively. Similarly, the average yield contracted by 6bps to 22.2% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a quiet note, albeit with a bullish undertone as the average yield contracted by 2bps to 15.8%. Across the benchmark curve, the average yield contracted at the short (-8bps) end due to buying interests in the APR-2029 (-21bps) bond, but expanded at the mid (+2bps) segment, following the selloff of the JUN-2033 (+5bps) bond. The average yield remained unchanged at the long end.
