EQUITIES
Bullish sentiments persisted in the domestic stock market as gains in MTNN (+1.7%), STANBIC (+5.6%), and FIRSTHOLDCO (+5.7%) drove the All-Share Index higher by 0.9% to 117,861.13 points. Accordingly, the Month-to-Date and Year-to-Date returns settled higher at +5.5% and +14.5%, respectively.
The total volume of trades rose by 39.7% to 893.97 million units, valued at NGN22.03 billion, and exchanged in 17,257 deals. CHAMPION was the most traded stock by volume at 332.30 million units, while GTCO was the most traded stock by value at NGN5.00 billion.
Sectoral performance was positive as the Banking (+3.0%), Insurance (+1.5%), Consumer Goods (+1.0%), Oil & Gas (+0.2%) and Industrial Goods (+0.2%) indices advanced.
As measured by market breadth, market sentiment was positive (2.2x), as 43 tickers gained relative to 20 losers. IKEJAHOTEL (+10.0%) and BETAGLAS (+10.0%) led the gainers, while GUINEAINS (-9.2%) and HMCALL (-5.9%) posted the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,554.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 2bps in the absence of any significant funding pressures on the system.
Proceedings in the Nigerian Treasury bill market were bullish, as the average yield contracted by 15bps to 20.4%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-30bps) segments, driven by the demand for the 91DTM (-1bp), 175DTM (-1bp) and 259DTM (-124bps) bills, respectively. Similarly, the average yield contracted by 9bps to 26.7% in the OMO segment.
The FGN bond secondary market traded on a bullish tone, as the average yield contracted by 22bps to 18.3%. Across the benchmark curve, the average yield contracted at the short (-31bps), mid (-23bps) and long (-15bps) segments, driven by the demand for the MAR-2027 (-52bps), FEB-2031 (-47bps) and JUL-2045 (-57bps) bonds, respectively.
