EQUITIES
Trading in the domestic bourse kicked off the week on a bearish note, underpinned by losses in MTNN (-6.0%). Consequently, the All-Share Index declined by 0.2% to close at 97,582.41 points, with the Month-to-Date and Year-to-Date returns printing -0.2% and +30.5%, respectively.
The total volume of trades increased by 53.6% to 324.02 million units, valued at NGN6.22 billion, and exchanged in 9,738 deals. ZENITHBANK was the most traded stock by volume at 36.99 million units, while MTNN was the most traded stock by value at NGN1.14 billion.
Sectoral performance was mixed, as the Consumer Goods (+0.9%) and Banking (+0.2%) indices recorded gains, while the Industrial Goods, Oil & Gas and Insurance indices closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as an equal number of tickers (23) gained and lost. CHAMS (-10.0%) and UPL (-9.9%) recorded the highest losses of the day, while SOVRENINS (+10.0%) and PRESCO (+10.0%) topped the gainers’ list.
CURRENCY
The naira appreciated by 0.6% to NGN1,607.15/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 26bps to 25.8% in the absence of any significant inflows into the system.
The NTB secondary market closed on a bearish note, as the average yield expanded by 7bps to 25.6%. Across the curve, the average yield declined at the short (-4bps) and mid (-5bps) segments driven by buying interests in the 80DTM (-4bps) and 171DTM (-5bps) bills, respectively. Conversely, the average yield expanded at the long (+19bps) end due to profit-taking activities in the 325DTM (+173bps) bill. Similarly, the average yield increased by 49bps to 25.8% in the OMO segment.
The FGN bond secondary market traded with bearish sentiments, as the average yield advanced by 14bps to 19.6%. Across the benchmark curve, the average yield increased at the short (+53bps) end as investors sold off the MAR-2025 (+256bps) bond but closed flat at the mid and long segments.
