EQUITIES
The domestic equities market sustained its bullish momentum for the third consecutive session this week, driven by gains in DANGCEM (+10.0%), ETI (+8.1%) and GTCO (+0.8%). As a result, the All-Share Index increased by 1.3% to close at 109,172.88 points, with the Month-to-Date and Year-to-Date returns printing +4.5% and +6.1%, respectively.
The total trading volume declined by 5.0% to 420.36 million units, valued at NGN8.98 billion, and exchanged in 16,160 deals. UNIVINSURE was the most traded stock by volume at 23.23 million units, while ZENITHBANK was the most traded stock by value at NGN839.41 million.
On Sectors, the Industrial Goods (+4.7%), Banking (+0.6%), Consumer Goods (+0.4%) and Insurance (+0.1%) indices advanced, while the Oil &Gas (-0.2%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.3x), as 33 tickers gained relative to 25 losers. REGALINS (+10.0%) and DANGCEM (+10.0%) topped the gainers’ list, while GOLDBREW (-9.9%) and LINKASSURE (-6.8%) recorded the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,515.06/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 32.8% as system liquidity closed at a net short position (NGN551.38 billion).
The NTB secondary market traded with bullish sentiments, as the average yield declined by 2bps to 22.2%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-3bps) segments following the demand for the 7DTM (-2bps), 175DTM (-1bp), and 343DTM (-20bps) bills, respectively. Similarly, the average yield declined by 2bps to 26.5% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet as the average yield remained unchanged at 20.0%. Across the benchmark curve, the average yield expanded at the mid (+1bp) segment due to the sell-off of the JUN-2033 (+4bps) bond. Meanwhile, the average yield remained unchanged at the short and long ends.
