EQUITIES
Bullish sentiments resurfaced in the domestic bourse as gains in FBNH (+1.7%) and NB (+4.2%) spurred a 2bps increase in the All-Share Index to 107,798.99 points. Thus, the Month-to-Date and Year-to-Date returns printed +3.2% and +4.7%, respectively.
The total volume traded declined by 30.2% to 245.52 million units, valued at NGN8.41 billion, and exchanged in 10,098 deals. ACCESSCORP was the most traded stock by volume at 36.55 million units, while ZENITHBANK was the most traded stock by value at NGN1.29 billion.
Sectoral performance was mixed as the Insurance (+0.8%) and Consumer Goods (+0.6%) indices advanced, while the Oil & Gas (-0.7%) and Banking (-0.2%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.4x), as 33 tickers gained relative to 14 losers. UHOMREIT (+9.9%) and AFRIPRUD (+9.9%) topped the gainers’ list, while GUINEAINS (-10.0%) and OANDO (-7.7%) recorded the highest losses of the day.
CURRENCY
The official FX rate appreciated by 0.2% to NGN1,499.08/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 164bps to 32.2% following debits for the FGN bond PMA (NGN910.38 billion).
Trading activities in the Treasury bills secondary market was bullish as the average yield contracted by 2bps to 19.9%. Across the curve, the average yield declined at the short (-5bps), mid (-1bp) and long (-1bp) segments due to demand for the 43DTM (-32bps), 176(-1bp) and 330DTM (-1bp) bills, respectively. Elsewhere, the average yield declined by 4bps to 22.6% in the OMO segment.
The Treasury bond secondary market traded with bullish sentiment, as the average yield contracted by 18bps to 18.7%. Across the benchmark curve, the average yield declined at the short (-49bps) and mid (-13bps) segments following the demand for the FEB-2028 (-117bps) and FEB-2031 (-52bps) bonds, respectively, but closed flat at the long end.
