EQUITIES
Sentiments in the domestic bourse turned bearish as sell pressures on MTNN (-6.1%) drove the All-Share index lower by 0.2% to 105,931.18 points. Accordingly, the month-to-date and year-to-date returns moderated to +0.3% and +2.9%, respectively.
The total volume of trades increased by 46.4% to 733.05 million units, valued at NGN35.29 billion, and exchanged in 16,619 deals. FIDELITYBK was the most traded stock by volume at 285.15 million units while MTNN was the most traded stock by value at NGN20.93 billion.
Sectoral performance was mixed as the Banking (+1.3%), Consumer Goods (+0.5%) and Oil & Gas (+0.1%) indices closed higher, while the Insurance (-0.5%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.7x), as 33 tickers gained relative to 19 losers. LEGENDINT (+10.0%) and ABCTRANS (+9.9%) topped the gainers’ list, while LIVESTOCK (-9.7%) and MULTIVERSE (-9.6%) posted the highest losses of the day.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,605/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 7bps to 27.0% in the absence of any significant funding pressures on the system.
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 2bps to 20.8%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-3bps) segments, driven by buying interest in the 86DTM (-1bp), 177DTM (-1bp) and 226DTM (-99bps) bills, respectively. Similarly, the average yield contracted by 2bps to 27.0% in the OMO segment.
Meanwhile, the FGN bond secondary market traded on a quiet note, albeit with a bearish tilt, as the average yield expanded by 1bp to 18.7%.
Across the benchmark curve, the average yield expanded at the short (+3bps) end, as investors sold off the APR-2029 (+10bps) bond, but was unchanged at the mid and long segments.
