EQUITIES
The local bourse extended yesterday’s loss as sell pressure on ZENITHBANK (-2.6%) and FBNH (-2.8%) caused a 0.2% decline in the NGX ASI to 100,156.96 points. Consequently, the Month-to-Date and Year-to-Date returns printed +0.1% and +34.0%, respectively.
The total volume traded increased by 169.1% to 1.34 billion units, valued at NGN9.67 billion, and exchanged in 8,198 deals. TOURIST was the most traded stock by volume and value at 973.34 million units and NGN2.79 billion, respectively.
From a sectoral perspective, the Banking (-1.6%), Insurance (-0.8%), and Consumer goods (-0.3%) indices declined while the Insurance and Oil and Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 24 tickers lost relative to 12 gainers. OMATEK (-10.0%) and CUTIX (-9.5%) topped the losers’ list, while CUSTODIAN (+8.5%) and LIVESTOCK (+3.9%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 1.1% to NGN1,603.80/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 845bps to 27.1% in the absence of any significant inflows.
Trading in the NTB secondary market was bearish, as the average yield expanded by 5bps to 25.1%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments following buying interest in the 63DTM (-2bp) and 154DTM (-2bp) bills, respectively, but advanced at the long (+11bps) end as participants sold off the 301DTM (+143bps) bill. Similarly, the average yield increased by 60bps to 22.0% in the OMO segment.
The FGN bond secondary market traded quietly as the average yield closed flat at 19.2%.
