EQUITIES
The bears returned to the domestic stock market as profit-taking activities in OANDO (-10.0%) undermined market’s performance. As a result, the All-Share Index dipped by 0.4% to close at 96,537.48 points. Consequently, the Month-to-Date and Year-to-Date returns printed 0.0% and +29.1%, respectively.
The total volume traded declined by 17.7% to 389.23 million units, valued at NGN8.18 billion, and exchanged in 12,039 deals. OANDO was the most traded stock by volume and value at 37.18 million units and NGN3.10 billion, respectively.
From a sectoral perspective, the Insurance (-1.1%), Banking (-0.9%), Oil & Gas (-0.7%), and Consumer Goods (-0.2%) indices settled lower, while the Industrial Goods index remained flat.
As measured by market breadth, market sentiment was negative (0.7x), as 31 tickers lost relative to 21 gainers. OANDO (-10.0%) and RTBRISCOE (-9.7%) recorded the highest losses of the day, while DAARCOMM (+10.0%) and IMG (+9.7%) topped the gainers’ list.
CURRENCY
The naira depreciated by 0.9% to NGN1,625.88/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 565bps to 29.2% in the absence of any significant funding pressures in the system.
The Nigerian treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 4bps to 20.9%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp) and long (-8bps) segments, driven by buying interest in the 92DTM (-1bp), 155DTM (-2bps) and 295DTM (-71bps) bills, respectively. Similarly, the average yield pared by 1bp to 22.8% in the OMO segment.
The Treasury bond secondary market closed on a bullish note, as the average yield declined by 3bps to 18.5%. Across the benchmark curve, the average yield expanded slightly at the short (+1bp) end due to profit taking activities on the JAN-2026 (+1bp) bond but declined at the long (-7bps) end following demand for the JUN-2038 (-60bps) bond. Meanwhile, the average yield closed flat at the mid segment.
