EQUITIES
The bulls resurfaced in the Nigerian equities market as gains in GTCO (+2.0%), OANDO (+9.5%), and STANBIC (+3.1%) drove the All-Share Index higher by 0.3% to 141,149.04 points. Consequently, the Month-to-Date and Year-to-Date returns settled at +0.6% and +37.1%, respectively.
The total volume traded increased by 11.37x to 5.47 billion units, valued at NGN419.73 billion and exchanged in 20,399 deals. ARADEL was the most traded stock by volume and value at 693.25 million units and NGN388.20 billion, respectively.
Sectoral performance was mixed as the Banking (+1.0%), Oil & Gas (+0.7%) and Consumer Goods (+0.3%) indices advanced, while the Insurance (-0.4%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.5x), as 31 tickers gained relative to 21 losers. MECURE (+9.9%) and OANDO (+9.5%) led the gainers, while ETERNA (-10.0%) and SOVRENINS (-4.8%) led the laggards.
CURRENCY
The official FX rate appreciated by 0.3% to NGN1,493.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained unchanged at 24.9%, closing at a net long position (NGN3.98 trillion).
The NTB secondary market traded on a quiet note, as the average yield remained unchanged at 18.4%. Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments, driven by the demand for the 91DTM (-1bp) and 182DTM (-1bp) bills, respectively, but expanded at the long (+2bps) end following the selloff of the 343DTM (+33bps) bill. Elsewhere, the average yield contracted by 2bps to 21.7% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet, as the average yield remained unchanged at 16.4%.
