EQUITIES
The Nigerian stock market closed higher in today’s session as sustained interest in MTNN (+10.0%) caused a 1.3% increase in the benchmark index to 105,530.74 points, with the Year-to-Date returns settling at +2.5%.
The total trading volume decreased by 36.3% to 481.69 million units, valued at NGN12.82 billion, and exchanged in 12,824 deals. UNIVINSURE was the most traded stock by volume at 97.24 million units, while SEPLAT was the most traded stock by value at NGN4.56 billion.
Sectoral performance was mixed as the Banking (+1.7%) and Consumer Goods (+0.5%) indices gained, while the Insurance (-1.4%) and Industrial Goods (-0.2%) indices declined. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.4x), as 34 tickers gained relative to 24 losers. MTNN (+10.0%) and HONYFLOUR (+9.9%) led the gainers, while RTBRISCOE (-10.0%) and SUNUASSUR (-10.0%) recorded the highest losses of the day.
CURRENCY
The naira was unchanged at NGN1,541.23/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 325bps to 30.6% in the absence of any significant funding pressure on the system.
Proceedings in the Treasury bills secondary market were bearish as the average yield expanded by 4bps to 25.4%. Across the curve, the average yield declined at the short (-2bps) and long (-2bps) ends, driven by demand for the 91DTM (-2bps) and 315DTM (-2bps) bills, respectively, while it expanded at the mid (+23bps) segment following sell pressures on the 147DTM(+121bps) bill. The average yield pared by 1bp to 27.9% in the OMO segment.
Similarly, the FGN bond secondary market was bearish as the average yield increased by 4bps to 19.4%. Across the benchmark curve, the average yield declined at the short (-1bp) end driven by demand for the JAN-2026 (-5bps) bond, but expanded at the mid (+10bps) and long (+3bps) segments following selloffs of the APR-2032 (+37bps) and MAR-2036 (+27bps) bonds, respectively.
