EQUITIES
The Nigerian equities market concluded the final trading session of the year on a bearish note, as sell pressures on MTNN (-3.8%) caused the All-Share Index to decline by 0.2% to 102,926.40 points. As a result, the Month-to-Date returns settled at 5.6%, while the Year-to-Date returns printed +37.7%.
The total volume of trades declined by 29.2% to 437.76 million units, valued at NGN40.34 billion, and exchanged in 8,830 deals. ACCESSCORP was the most traded stock by volume at 30.26 million units, while ARADEL was the most traded stock by value at NGN12.97 billion.
Sectoral performance was mixed as the Banking (-0.3%) and Consumer Goods (-0.3%) indices settled lower, while the Insurance (+4.9%), Oil & Gas (+0.4%) and Industrial Goods (+0.2%) indices advanced.
As measured by market breadth, market sentiment was positive (1.3x), as 35 tickers gained relative to 27 losers. BETAGLAS (+10.0%) and UNIVINSURE (+10.0%) led the gainers, while ETERNA (-10.0%) and UNIONDICON (-10.0%) posted the most significant losses of the day.
CURRENCY
The NFEM (Nigerian Foreign Exchange Market) rate appreciated by 0.1% to NGN1,541.75/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 66bps to 27.8% following debits for the OMO auction (NGN500.00 billion).
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 7bps to 25.6%. Across the curve, the average yield expanded at the short (+2bps) and long (+14bps) ends due to sell pressures on the 51DTM (+30bps) and 310DTM (+175bps) bills, respectively, but contracted at the mid (-2bps) segment following the demand for the 177DTM (-2bps) bill. Meanwhile, the average yield expanded by 3bps to 27.1% in the OMO segment.
The Treasury bond secondary market traded on a quiet note, as the average yield remained 19.4%. Across the benchmark curve, the average yield pared at the short (+1bp) end, driven by profit-taking activities on the JAN-2026 (+2bps) bond, but closed flat at the mid and long segments.
