EQUITIES
Trading in the domestic bourse kicked off the week on a positive note as buying interest in GTCO (+6.4%) and TRANSCORP (+6.3%) drove the All-Share Index higher by 0.3% to 106,116.18 points. As a result, the month-to-date and year-to-date returns settled at +0.4% and +3.1%, respectively.
The total volume of trade advanced by 16.9% to 500.59 million units, valued at NGN12.11 billion, and exchanged in 17,637 deals. ACCESSCORP was the most traded stock by volume at 60.87 million units, while GTCO was the most traded by value at NGN2.18 billion.
Analysing by sectors, the Consumer Goods (+2.4%), Banking (+1.3%), Insurance (+0.3%), and Industrial Goods (+0.3%) indices advanced while the Oil & Gas (-2.9%) index declined.
As measured by market breadth, market sentiment was positive (2.8x), as 45 tickers gained relative to 16 losers. INTBREW (+10.0%) and LEGENDINT (+10.0%) led the gainers, while LIVESTOCK (-10.0%) and ARADEL (-9.9%) recorded the highest losses of the day.
CURRENCY
The official FX rate depreciated by 0.4% to NGN1,602/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate remained unchanged at 26.9% amid inflows from FGN bond coupon (NGN259.96 billion).
The Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 4bps to 20.8%. Across the curve, the average yield declined at the short (-3bps), mid (-3bps) and long (-5bps) segments, driven by demand for the 87DTM (-3bps), 178DTM (-3bps) and 269DTM (-8bps) bills, respectively. Similarly, the average yield declined by 7bps to 27.1% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet, albeit with a bearish undertone, as the average yield advanced by 1bp to 18.7%.
Across the benchmark curve, the average yield expanded at the short (+1bp) and mid (+2bps) segments, driven by profit-taking activities on the JUL-2030 (+6bps) and FEB-2031 (+9bps) bonds, respectively. However, the average yield remained unchanged at the long end.
