EQUITIES
Bearish sentiments intensified in the Nigerian equities market in today’s session following sell pressures on MTNN (-10.0%). As a result, the All-Share Index dipped by 1.2% to 99,121.30 points. Sequentially, the Month-to-Date and Year-to-Date returns settled lower at -6.2% and +31.2%, respectively.
The total volume of trades fell by 31.1% to 395.75 million units, valued at NGN9.58 billion, and exchanged in 7,907 deals. GTCO was the most traded stock by volume and value at 81.41 million and NGN2.93 billion, respectively.
Sectoral performance was mixed, as the Banking (-0.8%) and Insurance (-0.3%) indices declined while the Consumer Goods (+0.1%) index advanced. Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 21 tickers gained relative to 19 losers. NEIMETH (+10.0%) and SUNUASSUR (+10.0%) recorded the highest gains of the day, while MTNN (-10.0%) and TRANSCOHOT (-10.0%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.6% to NGN1,308.52/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 58bps to 31.3% in the absence of any significant outflows from the system.
Activities in the Treasury bills secondary market remained bullish, as the average yield declined by 2bps to 25.1%. Across the curve, the average yield contracted at the short (-2bps), mid (-2bps) and long (-2bps) segments due to demand for the 92DTM (-2bps), 155DTM (-2bps) and 337DTM (-2bps) bills, respectively. Similarly, the average yield pared by 1bp to 18.8% in the OMO segment.
In the same vein, the Treasury bond secondary market closed on a bullish note, as the average yield contracted by 1bp to 18.9%. Across the benchmark curve, the average yield dipped at the short (-2bps) end driven by interest in the MAR-2027 (-12bps) bond, but was flat at the mid and long segments.
