EQUITIES
The local bourse extended its winning streak, as gains in MTNN (+9.9%), ZENITHBANK (+7.5%), and UBA (+10.0%) drove the All-Share Index higher by 2.0% to 124,446.80 points. Consequently, the Month-to-Date and Year-to-Date returns improved to +3.7% and +20.9%, respectively.
The total volume of trades increased by 44.1% to 1.28 billion units, valued at NGN27.73 billion, and exchanged in 27,875 deals. ACCESSCORP was the most traded stock by volume and value at 174.22 million units and NGN3.99 billion, respectively.
On sectors, performance was broadly positive, as the Insurance (+4.0%), Banking (+3.9%), Consumer Goods (+1.2%), and Industrial Goods (+0.3%) indices advanced, while the Oil & Gas index remained unchanged.
As measured by market breadth, market sentiment was positive (6.7x), as 67 tickers gained relative to 10 losers. HMCALL (+10.0%) and UBA (+10.0%) led the gainers, while NEIMETH (-9.9%) and LEGENDINT (-9.9%) recorded the most significant losses of the day.
CURRENCY
The official FX rate remained unchanged at NGN1,531.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 34bps to 30.1%, in the absence of any significant inflows into the system.
The NTB secondary market traded on a bullish note, as the average yield contracted by 27bps to 19.1%. Across the curve, the average yield contracted at the short (-19bps), mid (-37bps) and long (-25bps) segments, driven by the demand for the 91DTM (-145bps), 147DTM (-154bps). and 245DTM (-292bps) bills, respectively. Similarly, the average yield contracted by 66bps to 24.4% in the OMO segment.
Similarly, the FGN bond secondary market was bullish, as the average yield contracted by 23bps to 16.7%. Across the benchmark curve, the average yield contracted at the short (-17bps), mid (-58bps) and long (-4bps) segments, driven by demand for the APR-2039 (-51bps), JULY-2034 (-78bps) bonds and JUN-2053 (-20bps), respectively.
Cordros
