EQUITIES
Trading activities in the domestic bourse kicked off the week and month on a mixed note as losses in FBNH (-2.0%) and WAPCO (-2.8%) offset gains from ACCESSCORP (+2.0%) and GTCO (+1.1%). Consequently, the All-Share Index settled lower by 4bps to close at 104,518.14 points, with the YTD return moderating to +39.8%.
The total volume traded declined by 12.5% to 545.49 million units, valued at NGN14.61 billion, and exchanged in 12,925 deals. GTCO was the most traded stock by volume and value at 84.65 million and NGN4.48 billion, respectively.
Across the sectors, the Industrial Goods (-0.1%) and Banking (-0.1%) indices declined, while the Consumer Goods and Oil & Gas indices closed flat. The Insurance (+1.4%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.5x), as 23 tickers gained relative to 15 losers. MAYBAKER (+10.0%) and IKEJAHOTEL (+10.0%) recorded the most significant gains of the day, while UACN (-9.8%) and JBERGER (-9.2%) topped the losers’ list.
CURRENCY
The naira appreciated by 2.4% to NGN1,278.58/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 329bps to 24.9%, in the absence of any significant inflows into the system.
Sentiments in the T-bills secondary market was mixed but with a bullish tilt, as the average yield pared by 1bp to 17.7%. Across the curve, the average yield contracted at the short (-3bps) and long (-6bps) ends as investors demanded the 65DTM (-4bps) and 324DTM (-7bps) bills, respectively, but expanded at the mid (+6bps) segment following sell pressures on the 177DTM (-64bps) bill. Elsewhere, the average yield dipped by 5bps to 18.4% in the OMO segment.
Activities in the Treasury bond secondary market was bullish, as the average yield contracted by 7bps to 19.2%. Across the benchmark curve, the average yield advanced at the short (+3bps) end due to sell-offs on the MAR-2025 (+7bps) bond but declined at the mid (-36bps) segment driven by bargain hunting in the FEB-2031 (-67bps) bond. Meanwhile, the average closed flat at the long end.
