EQUITIES
The local bourse opened the week’s trading on a bearish note as profit-taking activities in DANGSUGAR (-10.0%) and TRANSCORP (-8.4%) undermined market performance. Consequently, the NGX ASI closed lower by 0.5% to 104,136.35 points as the Month-to-Date and Year-to-Date returns moderated to +4.2% and +39.3%, respectively.
Analysis of today’s market by Cordros Securities revealed that the total volume traded fell by 39.3% to 306.82 million units, valued at NGN11.38 billion, and exchanged in 9,343 deals. NIDF was the most traded stock by volume and value at 35.55 million units and NGN4.05 billion, respectively.
Across the sectors, the Banking (-1.7%) and Consumer Goods (-0.8%) indices declined while the Insurance (+0.2%) index advanced. The Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 28 tickers lost relative to 20 gainers. DANGSUGAR (-10.0%) and INTENEGINS (-10.0%) topped the losers’ list, while ELLAHLAKES (+10.0%) and MORISON (+9.9%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 1.7% to NGN1,408.04/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 84bps to 26.5%, following inflows from FGN bond coupon payments (NGN124.11 billion).
Trading in the Treasury bills secondary market was bullish, as the average yield declined by 3bps to 17.7%. Across the curve, the average yield contracted at the short (-2bps), mid (-2bps) and long (-3bps) segments driven by demand for the 73DTM (-2bps), 171DTM (-3bps) and 332DTM (-4bps) bills, respectively. Similarly, the average yield dipped by 3bps to 18.5% in the OMO segment.
Activities in the Treasury bond secondary market was quiet with a bearish bias, as the average yield expanded slightly by 1bp to 19.1%. Across the benchmark curve, the average yield increased at the short (+2bps) end due to sell-offs on the MAR-2025 (+5bps) bond but was unchanged at the mid and long segments.
