EQUITIES
The Nigerian equities market extended yesterday’s bullish sentiments following gains in GTCO (+3.4%), OANDO (+7.0%) and TRANSCORP (+1.8%). Consequently, the All-Share Index advanced by 0.5% to 120,977.20 points with the Month-to-Date and Year-to-Date returns settling at +0.8% and +17.5%, respectively.
The total volume of trades declined by 11.0% to 933.40 million units, valued at NGN29.31 billion, and exchanged in 24,207 deals. UNIVINSURE was the most traded stock by volume at 67.33 million units, while SEPLAT was the most traded stock by value at NGN13.56 billion.
Sectoral performance was positive, as the Insurance (+2.8%), Banking (+1.3%), Consumer Goods (+0.7%), Oil & Gas (+0.7%) and Industrial Goods (+0.3%) indices advanced.
As measured by market breadth, market sentiment was positive (3.9x), as 54 tickers gained relative to 14 losers. ACADEMY (+10.0%) and DEAPCAP (+10.0%) led the gainers while NEIMETH (-8.5%) and LEGENDINT (-8.0%) recorded the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.3% to NGN1,529.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained unchanged at 27.0%, closing at a net long position of NGN376.24 billion.
Proceedings in the Treasury bill secondary market were bullish, as the average yield contracted by 2bps to 19.8%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-3bps) segments, driven by the demand for the 84DTM (-1bp), 154DTM (-2bps) and 189DTM (-28bps) bills, respectively. Conversely, the average yield expanded by 9bps to 25.7% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 29bps to 17.4%.
Across the benchmark curve, the average yield contracted at the short (-5bps), mid (-12bps) and long (-56bps) segments, driven by demand for the FEB-2028 (-20bps), APR-2037 (-18bps) and MAR-2050 (-190bps) bonds, respectively.
