EQUITIES
Trading in the Nigerian equities market was bearish as profit-taking activities in OANDO (-8.4%) undermined market performance. Consequently, the NGX ASI dipped by 0.1% to close at 96,715.04 points. As a result, the Month-to-Date and Year-to-Date returns moderated to +0.1% and +29.3%, respectively.
The total volume traded increased by 47.7% to 600.04 million units, valued at NGN8.81 billion, and exchanged in 9,546 deals. JAIZBANK was the most traded stock by volume at 237.24 million units, while OANDO was the most traded stock by value at NGN2.44 billion.
Sectoral performance was mixed as the Oil & Gas (+1.7%), Banking (+0.6%), and Consumer Goods (+0.3%) indices advanced, while the Insurance (-1.4%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 31 tickers gained relative to 25 losers. CAVERTON (+10.0%) and REDSTAREX (+9.7%) topped the gainers’ list, while CWG (-10.0%) and NNFM (-9.9%) recorded the most significant losses of the day.
CURRENCY
The naira appreciated by 5.1% to NGN1,558.75/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 11bps to 31.6% in the absence of any significant funding pressure on the system.
The Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 3bps to 20.0%. Across the curve, the average yield declined at the short (-5bps), mid (-1bp), and long (-2bps) segments, driven by participants’ demand for the 57DTM (-31bps), 176DTM (-1bp), and 288DTM (-54bps) bills, respectively. Meanwhile, the average yield expanded by 5bps to 23.6% in the OMO segment.
Activities in the FGN bond secondary market were bullish, as the average yield dipped by 2bps to 18.4%. Across the benchmark curve, the average yield declined at the short (-2bps) and long (-4bps) ends due to buying interests in the MAR-2025 (-12bps) and JAN-2042 (-24bps) bonds, respectively, but remained unchanged at the mid segment.
