EQUITIES
The bulls returned to the domestic stock market following buying interest in FBNH (+10.0%). As a result, the All-Share Index increased by 0.3% to close at 97,025.17 points. Consequently, the Month-to-Date and Year-to-Date returns printed +0.5% and +29.8%, respectively.
The total volume of trades declined by 34.9% to 390.55 million units, valued at NGN7.97 billion, and exchanged in 9,615 deals. ACCESSCORP was the most traded stock by volume and value at 80.05 million units and NGN1.48 billion, respectively.
From a sectoral perspective, the Banking (+1.5%) and Consumer Goods (+0.6%) indices posted gains, while the Insurance (-0.4%) and Oil & Gas (-0.6%) indices posted losses. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 25 tickers gained relative to 22 losers. CAVERTON (+10.0%) and FBNH (+10.0%) topped the gainer’s list, while DAARCOMM (-8.9%) and ETERNA (-8.1%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 5.5% to NGN1,649.76/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 11bps to 31.5% in the absence of any significant inflows to the system.
The Nigerian treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 5bps to 20.0%. Across the curve, the average yield declined at the short (-1bp), mid (-15bps), and long (-3bps) segments, following demand for the 91DTM (-84bp), 147DTM (-83bp), and 343DTM (-21bps) bills, respectively. Similarly, the average yield declined by 2bps to 23.6% in the OMO segment.
The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 5bps to 18.5%. Across the benchmark curve, the average yield expanded at the mid (+18bps) segment due to profit-taking activities on the FEB-2031 (+55bp) bond but was unchanged at the short and long ends.
