EQUITIES
Bearish sentiments persisted in the domestic bourse as losses in NESTLE (-9.7%), GTCO (-4.9%), OANDO (-10.0%), and ZENITHBANK (-2.3%) drove the All-Share Index lower by 0.7% to 152,629.60 points. Consequently, the Month-to-Date and Year-to-Date returns settled at -1.0% and +48.3%, respectively.
The total volume of trade advanced by 9.0% to 683.92 million units, valued at NGN20.38 billion, and exchanged in 33,288.00 deals. ASOSAVINGS was the most traded stock by volume at 111.95 million units, while STANBIC was the most traded stock by value at NGN3.12 billion.
Sectoral performance was broadly negative as the Insurance (-3.8%), Banking (-2.1%), Consumer Goods (-1.5%), and Oil & Gas (-0.8%) indices declined, while the Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was negative (0.4x), as 40 tickers lost relative to 15 gainers. SKYAVN (-10.0%) and NASCON (-10.0%) posted the most significant losses of the day, while SUNUASSUR (+10.0%) and HONYFLOUR (+9.7%) led the gainers.
CURRENCY
The official FX rate appreciated by 0.4% to NGN1,431.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 6bps to 24.9% despite significant OMO maturities of NGN1.45 trillion.
The NTB secondary market traded on a bullish note, with the average yield contracting by 3bps to 17.4%. Across the curve, the average yield expanded at the short (+9bps) end, due to the sell-off of the 79DTM (+71bps) bill, while it contracted at the mid (-1bp) and long (-13bps) segments, driven by the demand for the 156DTM (-1bp) and 303DTM (-23bps) bills, respectively. Conversely, the average yield expanded by 21bps to 22.2% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 2bps to 15.8%.
Across the curve, the average yield expanded at the short (+3bps) end, due to profit-taking in the APR-2029 (+12bps) bond, while it contracted at the mid (-11bps) segment, following the demand for the JUL-2034 (+45bps) bond. Meanwhile, it closed flat at the long end.
