EQUITIES
The domestic equities market sustained its bullish momentum, closing higher for the ninth consecutive trading session. Precisely, gains in SEPLAT (+10.0%), PRESCO (+4.7%), MTNN (+0.5%), and GTCO (+0.9%) drove the All-Share Index higher by 0.3% to 178,625.63 points, causing the Month to Date and Year to Date returns to settle higher at 4.0% and 8.0%, respectively.
The total volume traded declined by 25.6% to 698.34 million units, valued at NGN28.44 billion, and exchanged in 50,886 deals. ACCESSCORP was the most traded stock by volume at 52.05 million units, while GTCO was the most traded stock by value at NGN4.34 billion.
Sectoral performance was mixed as the Oil & Gas (+4.6%) index advanced while the Insurance (-1.5%), Industrial Goods (-1.1%) and Banking (-0.1%) indices declined. The Consumer Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.3x), as 45 tickers gained relative to 34 losers. SEPLAT (+10.0%) and RTBRISCOE (+10.0%) led the gainers, while NAHCO (-10.0%) and ABBEYBDS (-9.7%) posted the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.4% to NGN1,354.80/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 1bp to 22.8%, in the absence of any significant funding pressure on the system.
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 3bps to 17.5%. Across the curve, the average yield closed flat at the short and mid segments, but expanded at the long (+6bps) end, due to profit-taking activities on the 280DTM (+25bps) bill. Conversely, the average yield contracted by 38bps to 21.2% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bearish note, as the average yield expanded by 1bp to 16.0%. Across the benchmark curve, the average yield contracted at the mid (-2bps) segment, driven by demand for the JUN-2033 (-9bps) bond, while it expanded at the long (+4bps) end, driven by sell pressures on the JUN-2053 (+28bps) bond. Meanwhile, the average yield closed flat at the short end.
