EQUITIES
Trading in the domestic bourse commenced the week on a negative note undermined by sell pressures on MTNN (-7.5%). Consequently, the All-Share Index declined by 0.4% to close at 104,663.34 points, as the Month-to-Date and Year-to-Date returns moderated to +4.7% and +40.0%, respectively.
The total volume traded increased by 32.3% to 287.45 million units, valued at NGN10.80 billion, and exchanged in 9,077 deals. UBA was the most traded stock by volume at 46.23 million units, while TRANSPOWER was the most traded stock by value at NGN3.63 billion.
Analysing by sectors, the Insurance (+3.0%) and Banking (+2.5%) indices advanced, while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (-0.4%) index was the sole loser for the day.
As measured by market breadth, market sentiment was positive (1.5x), as 27 tickers gained relative to 18 losers. ABCTRANS (+9.9%) and NEM (+9.8%) topped the gainers’ list, while MCNICHOLS (-9.3%) and DAARCOMM (-9.0%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 2.3% to NGN1,572.68/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 63bps to 30.5%, following the inflows from FGN bond coupon payments (NGN134.66 billion).
Sentiments in the NTB secondary market were bullish, as the average yield declined by 21bps to 18.5%. Across the curve, the average yield contracted at the short (-2bps), mid (-24bps) and long (-29bps) segments as investors sought bargains in the 80DTM (-3bps), 178DTM (-147bps) and 339DTM (-244bps) bills, respectively. Similarly, the average yield dipped by 4bps to 18.8% in the OMO segment.
Conversely, the FGN bond secondary market traded with bearish sentiments as the average yield expanded by 9bps to 18.4%. Across the benchmark curve, the average yield advanced at the short (+2bps) and long (+16bps) ends as players sold off the MAR-2025 (+5bps) and JUN-2038 (+91bps) bonds, respectively. Meanwhile, the average yield was unchanged at the mid segment.
Cordros
