EQUITIES
The Nigerian equities market commenced the week on a bullish note as gains in BUAFOODS (+4.3%), GTCO (+1.6%), and PRESCO (+3.4%) drove the All-Share Index higher by 0.2% to 114,820.86 points. Accordingly, the Month-to-Date and Year-to-Date returns settled higher at +2.8% and +11.6%, respectively.
The total volume of trades declined by 55.4% to 652.64 million units, valued at NGN18.88 billion, and exchanged in 23,978 deals. ACCESSCORP was the most traded stock by volume at 88.30 million units, while GTCO was the most traded stock by value at NGN3.34 billion.
Analysing by sectors, the Consumer Goods (+2.6%) and Banking (+0.3%) indices advanced, while the Oil & Gas (-2.8%), Insurance (-0.6%) and Industrial Goods (-0.1%) indices declined.
As measured by market breadth, market sentiment was positive (1.4x), as 34 tickers gained relative to 25 losers. BERGER (+10.0%) and DAARCOMM (+10.0%) led the gainers, while RTBRISCOE (-10.0%) and JOHNHOLT (-9.9%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.7% to NGN1,540.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 1bp to 27.0% in the absence of any significant inflows into the system.
Proceedings in the Treasury bill secondary market were bullish, as the average yield contracted by 6bps to 20.8%. Across the curve, the average yield contracted at the short (-4bps), mid (-5bps) and long (-7bps) segments, driven by the demand for the 86DTM (-5bps), 177DTM (-6bps) and 345DTM (-8bps) bills, respectively. Similarly, the average yield contracted by 7bps to 25.8% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a quiet note, albeit with a bullish undertone, as the average yield pared by 1bp to 18.5%. Across the benchmark curve, the average yield expanded at the short (+1bp) end, driven by profit-taking activities in the FEB-2028 (+2bps) bond, but contracted at the mid (-5bps) segment due to the demand for the JUL-2034 (-25bps) bond. The average yield remained unchanged at the long end.
