EQUITIES
The Nigerian equities market sustained its upward trajectory, marking a 19-day winning streak, as buying interest in bellwether stocks, including MTNN (+10.0%), DANGCEM (+3.1%), WAPCO (+8.8%), TRANSCORP (+6.2%), and GTCO (+4.1%) drove the All-Share Index higher by 2.0% to 137,912.87 points. Consequently, the Month-to-Date and Year-to-Date returns improved to +15.0% and +34.0%, respectively.
The total volume of trades increased by 18.3% to 940.80 million units, valued at NGN30.63 billion, and exchanged in 28,358 deals. FIDELITYBK was the most traded stock by volume at 111.27 million units, while MTNN was the most traded stock by value at NGN3.59 billion.
On sectors, the Industrial Goods (+2.9%), Insurance (+1.9%), Banking (+1.6%) and Oil & Gas (+0.2%) indices advanced, while the Consumer Goods (-0.3%) index closed lower.
As measured by market breadth, market sentiment was positive (1.9x), as 48 tickers gained relative to 25 losers. HMCALL (+10.0%) and BERGER (+10.0%) led the gainers, while ABBEYBDS (-10.0%) and NNFM (-10.0%) posted the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.1% to NGN1,533.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate declined by 4bps to 27.0% in the absence of any significant inflows into the system.
Trading in the Treasury bills secondary market was bullish, as the average yield declined by 2bps to 17.7%. Across the curve, the average yield declined at the short (-1bp), mid (-2bps), and long (-2bps) segments driven by the demand for the 72DTM (-1bp), 114DTM (-3bps), and 226DTM (-13bps) bills, respectively. In contrast, the average yield expanded by 2bps to 24.7% in the OMO segment.
The Treasury bond secondary market traded in a lull, albeit with a bullish tilt, as the average yield dipped slightly by 1bp to 16.1%. Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+1bp) segment due to sell pressures on the APR-2029 (+1bp) and JUL-2034 (+11bps) bonds, respectively, but declined at the long (-4bps) end due to demand for the APR-2037 (-20bps) bond.
