EQUITIES
The domestic bourse continued its downward trend as sell pressures on CONOIL (-10.0%), UBA (-1.6%) and DANGSUGAR (-3.0%) drove the All-Share Index lower by 0.1% to 106,090.38 points. Sequentially, the Month-to-Date and Year-to-Date returns moderated to -1.6% and +3.1%, respectively.
The total volumes of trade increased by 361.8% to 1.50 billion units, valued at NGN10.26 billion, and exchanged in 11,748 deals. SOVRENINS was the most traded stock by volume at 989.73 million units, while MTNN was the most traded stock by value at NGN2.69 billion.
Sectoral performance was mixed as the Oil & Gas (-0.6%), Consumer Goods (-0.2%) and Insurance (-0.2%) indices closed lower, while the Banking (+0.3%) index advanced. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.6x), as 31 tickers lost relative to 19 gainers. CONOIL (-10.0%) and BERGER (-9.8%) posted the most significant losses of the day, while TANTALIZER (+9.8%) and NSLTECH (+9.7%) led the gainers.
CURRENCY
The official FX rate depreciated by 0.8% to NGN1,543.91/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 8bps to 32.8% in the absence of any significant funding pressure on the system.
Proceedings in the NTB secondary market remained calm, albeit with a bullish undertone, as the average yield contracted slightly by 1bp to 19.0%. Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments, driven by the demand for the 85DTM (-1bp) and 176DTM (-1bp) bills, respectively, but expanded at the long (+1bp) end due to the selloff of the 344DTM (+28bps) bill. Similarly, the average yield declined by 2bps to 22.4% in the OMO segment.
Meanwhile, the Treasury bond secondary market traded on a bearish note, as the average yield expanded by 1bp to 18.2%. Across the benchmark curve, the average yield expanded at the short (+1bp), mid (+1bp) and long (+2bps) segments due to sell pressures on the JUL-2030 (+3bps), FEB-2031 (+4bps) and JUN-2053 (+14bps) bonds, respectively.
