EQUITIES
Bearish sentiments persisted in the Nigerian equities market as sell pressures in OANDO (-9.7%) caused a 0.3% decline in the benchmark index to 107,785.79 points. Consequently, the Month-to-Date and Year-to-Date returns settled at 3.2% and +4.7%, respectively.
The total trading volume decreased by 1.7% to 351.53 million units, valued at NGN9.81 billion, and exchanged in 13,546 deals. ACCESSCORP was the most traded stock by volume at 36.85 million units, while ARADEL was the most traded stock by value at NGN1.59 billion, respectively.
Sectoral performance was bearish as the Insurance (-3.5%), Oil & Gas (-1.0%), Banking (-0.6%), and Consumer Goods (-0.2%) indices declined. The Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was negative (0.3x), as 47 tickers lost relative to 12 gainers. HONYFLOUR (-10.0%) and MORISON (-10.0%) led the losers, while NGXGROUP (+10.0%) and REDSTAREX (+9.6%) recorded the highest gains of the day.
CURRENCY
The official FX rate appreciated by 0.2% to NGN1,501.42/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate declined by 233bps to 30.6% following inflows from OMO maturities (NGN813.25 billion).
The Treasury bills secondary market traded with bullish sentiments as the average yield declined by 3bps to 20.0%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-5bps) segments, driven by demand for the 86DTM (-1bp), 177DTM (-1bp), and 331DTM (-49bps) bills, respectively. Similarly, the average yield declined by 230bps to 22.6% in the OMO segment.
The FGN bond secondary market was bullish as the average yield declined by 53bps to 18.9%. Across the benchmark curve, the average yield decreased at the short (-101bps), mid (-28bps), and long (-32bps) segments, driven by interest in the MAR-2025 (-452bps), FEB-2031(-51bps), and JUN-2053 (-86bps) bonds, respectively.
