EQUITIES
The domestic stock market reversed yesterday’s losses as buying interest in TRANSCORP (+10.0%) and OANDO (+10.0%) drove a 0.5% increase in the benchmark index to 108,762.60 points. Accordingly, the Month-to-Date and Year-to-Date returns improved to +2.8% and +5.7%, respectively.
The total volume of trades increased by 20.2% to 498.48 million units, valued at NGN10.78 billion, and exchanged in 14,916 deals. TANTALIZER was the most traded stock by volume at 57.80 million units, while GTCO was the most traded stock by value at NGN2.19 billion.
Analysing by sectors, the Consumer Goods (+1.7%), Insurance (+0.9%) and Banking (+0.2%) indices advanced while the Industrial Goods (-0.6%) and Oil & Gas (-0.2%) indices declined.
As measured by market breadth, market sentiment was positive (1.6x), as 39 tickers gained relative to 24 losers. OANDO (+10.0%) and CHELLARAM (+10.0%) led the gainers, while HMCALL (-9.9%) and ACADEMY (-7.3%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.9% to NGN1,597/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate increased by 110bps to 28.5% in the absence of any significant funding pressures on the system.
The Treasury bills secondary market was bullish, as the average yield contracted by 2bps to 20.9%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-2bps) segments driven by demand for the 86DTM (-2bps), 177DTM (-1bp) and 310DTM (-39bps) bills, respectively. Similarly, the average yield contracted by 2bps to 26.8% in the OMO segment.
Similarly, the FGN bond secondary market traded with bullish sentiments as the average yield contracted by 2bps to 18.7%. Across the benchmark curve, the average yield contracted at the short (-2bps) and mid (-5bps) segments, driven by buying interest in the JAN-2026 (-9bps) and JUL-2034 (-27bps) bonds, respectively, but was unchanged at the long end.
