EQUITIES
The domestic bourse kicked off the week on a bearish note as sustained losses in TRANSCORP (-3.1%) and FBNH (-4.1%) drove the All-Share Index down by 0.3% to 108,126.97 points. Sequentially, the Month-to-Date and Year-to-Date returns moderated to +3.5% and +5.1%, respectively.
The total volume traded increased by 13.3% to 357.76 million units, valued at NGN9.21 billion, and exchanged in 15,914 deals. JAIZBANK was the most traded stock by volume at 48.19 million units, while ZENITHBANK was the most traded stock by value at NGN1.37 billion.
Sectoral performance was broadly negative, as the Banking (-1.4%), Insurance (-0.9%), Oil & Gas (-0.3%), Consumer Goods (-0.2%) and Industrial Goods (-0.1%) indices all settled lower.
As measured by market breadth, market sentiment was negative (0.4x), as 36 tickers lost relative to 16 gainers. NNFM (-10.0%) and SOVRENINS (-9.1%) posted the most significant losses of the day, while IKEJAHOTEL (+10.0%) and UHOMREIT (+9.9%) led the gainers.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,503.63/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 7bps to 32.9% despite inflows from FGN bond coupon payments (NGN118.07 billion).
The Treasury bills secondary market traded on a bullish note, as the average yield contracted by 21bps to 20.0%. Across the curve, the average yield contracted at the short (-52bps), mid (-3bps) and long (-12bps) segments, driven by the demand for the 45DTM (-344bps), 178DTM (-3bps) and 269DTM (-47bps) bills, respectively. Similarly, the average yield declined by 6bps to 24.9% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish, as the average yield increased by 5bps to 19.4%.
Across the benchmark curve, the average yield increased at the short (+7bps) and mid (+15bps) segments due to sell pressures on the JUL-2030 (+40bps) and FEB-2031 (+58bps) bonds, respectively, but closed flat at the long end.
