EQUITIES
The Nigerian equities market traded on a negative note as selloffs in ETI (-9.5%) and WAPCO (-3.2%) drove the All-Share Index lower by 0.1% to 107,675.46 points. Sequentially, the Month-to-Date and Year-to-Date returns moderated to +3.0% and +4.6%, respectively.
The total volume of trades increased by 72.5% to 423.42 million units, valued at NGN9.57 billion, and exchanged in 11,112 deals. FCMB was the most traded stock by volume at 102.27 million units, while ZENITHBANK was the most traded stock by value at NGN1.60 billion.
On sectors, the Insurance (-0.9%), Banking (-0.8%), Industrial Goods (-0.4%) and Consumer Goods (-0.2%) indices declined, while the Oil & Gas (+0.9%) index advanced.
As measured by market breadth, market sentiment was positive (1.2x), as 27 tickers gained relative to 23 losers. PZ (+10.0%) and OANDO (+10.0%) led the gainers, while FIDSON (-9.6%) and ETI (-9.5%) posted the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.1% to NGN1,498.28/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 54bps to 32.8% in the absence of any significant funding pressure on the system.
The NTB secondary market traded on a bullish note, as the average yield contracted by 2bps to 19.9%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-4bps) segments, driven by the demand for the 84DTM (-1bp), 175DTM (-1bp) and 266DTM (-36bps) bills, respectively. Similarly, the average yield declined by 4bps to 22.5% in the OMO segment.
Proceedings in the FGN bond secondary market were bullish, as the average yield contracted by 20bps to 18.5%. Across the benchmark curve, the average yield declined at the short (-9bps), mid (-62bps) and long (-8bps) segments due to buying interests in the JUL-2030 (-28bps), JUL-2034 (-83bps) and MAR-2035 (-55bps) bonds, respectively.
