EQUITIES
The domestic equities market commenced the week on a bullish note, as gains in PRESCO (+10.0%), TRANSCORP (+2.1%), FIRSTHOLDCO (+3.9 %) and ZENITHBANK (+1.9%) drove the All-Share Index higher by 0.4% to 118,579.65 points. Accordingly, the Month-to-Date and Year-to-Date returns settled higher at +6.1% and +15.2%, respectively.
The total volume of trades increased by 25.0% to 653.66 million units, valued at NGN21.33 billion, and exchanged in 22,206 deals. FIDELITYBK was the most traded stock by volume at 141.71 million units, while OKOMUOIL was the most traded stock by value at NGN3.46 billion.
Sectoral performance was positive, as the Insurance (+1.9%), Consumer Goods (+0.7%), Banking (+0.6%), Oil & Gas (+0.4%), and Industrial Goods (+0.2%) indices all advanced.
As measured by market breadth, market sentiment was positive (2.1x), as 46 tickers gained relative to 22 losers. BETAGLAS (+10.0%) and FTNCOCOA (+10.0%) led the gainers, while JBERGER (-7.5%) and CHAMS (-5.1%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.1% to NGN1,546.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 179bps to 27.1% following inflows from FGN bond coupon (NGN216.17 billion).
Proceedings in the Treasury bill secondary market were bullish, as the average yield contracted by 4bps to 20.4%. Across the curve, the average yield contracted at the short (-3bps), mid (-3bps) and long (-5bps) segments, driven by the demand for the 87DTM (-3bps), 178DTM (-4bps) and 346DTM (-23bps) bills, respectively. Similarly, the average yield contracted by 6bps to 26.6% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 4bps to 18.2%.
Across the benchmark curve, the average yield contracted at the short (-17bps) and long (-2bps) ends, driven by demand for the MAR-2027 (-38bps) and JUN-2053 (-14bps) bonds respectively, but expanded at the mid (+7bps) segment due to sell pressures on the APR-2032 (+58bps) bond.
