EQUITIES
Negative sentiments resurfaced in the Nigerian equities market as losses in OANDO (-5.8%) and GTCO (-3.7%) caused a 0.1% decline in the All-Share Index to 97,584.81 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -1.0% and +30.5%, respectively.
The total volume of trades declined by 45.4% to 715.15 million units, valued at NGN8.34 billion, and exchanged in 9,435 deals. WAPIC was the most traded stock by volume at 402.26 million units, while SEPLAT was the most traded stock by value at NGN2.25 billion.
Sectoral performance was mixed as the Consumer Goods (-1.7%) and Banking (-0.5%) indices posted losses while the Oil and Gas (+2.0%) and Insurance (+0.9%), indices posted gains. The Industrial goods index closed flat.
As measured by market breadth, market sentiment was negative (0.8x), as 29 tickers lost relative to 24 gainers. REGALINS (+10.0%) and PZ (+8.8%) topped the gainers’ list, while GUINNESS (-10.0%) and AFRIPRUD (-9.9%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 4.7% to NGN1,561.76/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate remained unchanged at 32.8% as the inflow from OMO maturities (NGN54.45 billion) was not sufficient to saturate the system liquidity.
The Nigerian Treasury bills secondary market traded on a calm note but with a bullish undertone, as the average yield declined by 1bp to 22.9%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp) and long (-2bps) segments due to demand for the 79DTM (-1bp), 170DTM (-2bps), and 352DTM (-2bps) bills respectively. Similarly, the average yield declined by 5bps to 24.5% in the OMO segment.
Trading in the FGN bond secondary market was quiet, as the average yield closed flat at 18.9%.
