EQUITIES
The domestic stock market reversed yesterday’s gains as profit-taking activities in FBNH (-9.9%), NESTLE (-9.0%) and ZENITHBANK (-5.0%) undermined market performance. Consequently, the NGX ASI declined by 0.4% to close at 99,311.54 points. Accordingly, the Month-to-Date and Year-to-Date returns printed -5.0% and +32.8%, respectively.
The total trading volume surged by 87.3% to 574.43 million units, valued at NGN7.84 billion, and exchanged in 7,324 deals. TRANSCORP was the most traded stock by volume and value at 125.70 million and NGN1.89 billion, respectively.
Analysing by sectors, the Banking (-2.9%), Consumer Goods (-0.8%) and Insurance (-0.5%) indices posted losses while the Oil & Gas index closed flat. The Industrial Goods (+0.3%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.7x), as 24 tickers lost relative to 16 gainers. HONYFLOUR (-9.9%) and FBNH (-9.9%) recorded the most significant losses of the day, while SUNUASSUR (+10.0%) and JAPAULGOLD (+9.8%) topped the gainers’ list.
CURRENCY
The naira depreciated by 5.1% to NGN1,300.15/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 21bps to 30.8%, in the absence of any significant inflows into the system.
Trading in the NTB secondary market closed on a bullish note, as the average yield contracted by 7bps to 25.1%. Across the curve, the average yield increased at the short (+77bps) end due to sell pressures on the 16DTM (+391bps) bill but dipped at the mid (-2bps) and long (-44bps) segments driven by interests in the 156DTM (-2bps) and 226DTM (-511bps) bills, respectively. Elsewhere, the average yield advanced by 41bps to 18.8% in the OMO segment.
Activities in the FGN bond secondary market turned bullish, as the average yield declined by 5bps to 18.9%. Across the benchmark curve, the average yield decreased at the short (-13bps) and mid (-6bps) segments as market players demanded the JAN-2026 (-72bps) and APR-2032 (-16bps) bonds, respectively. Meanwhile, the average yield stayed flat at the long end.
Cordros
