EQUITIES
The local bourse opened the week on a positive note as gains in BUAFOODS (+1.5%), ETI (+10.0%), GUINNESS (+9.8%) and MTNN (+0.6%) drove the All-Share Index higher by 0.6% to 154,389.53 points. Consequently, the Month-to-Date and Year-to-Date returns advanced to +7.6% and +50.0%, respectively.
The total volume of trades declined by 16.0% to 1.47 billion units, valued at NGN35.54 billion, and exchanged in 47,892 deals. ACCESSCORP was the most traded stock by volume and value at 594.38 million units and NGN12.36 billion, respectively.
Sectoral performance was mixed as the Consumer Goods (+2.2%) and Industrial Goods (+0.2%) indices advanced while the Banking (-0.3%) index declined. The Insurance and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 40 tickers gained relative to 37 losers. AUSTINLAZ (+10.0%) and ETI (+10.0%) led the gainers, while INTENEGINS (-10.0%) and MEYER (-9.9%) posted the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 1.4% to NGN1,450.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 4bps to 22.8%, despite inflows from FGN bond coupon payments (NGN238.54 billion).
Activities in the Treasury bills secondary market were bullish as the average yield contracted by 7bps to 17.7%. Across the curve, the average yield contracted at the short (-4bps), mid (-14bps), and long (-5bps) segments driven by the demand for the 24DTM (-5bps), 171DTM (-74bps) and 325DTM (-51bps) bills, respectively. Likewise, the average yield contracted by 7bps to 22.1% in OMO segment.
The FGN bond secondary market traded on a quiet note as the average yield remained unchanged at 16.5%. The average yield contracted at the mid (-1bp) segment driven by the demand for the JUN-2033 (-5bps) bond but was unchanged at the short and long ends.
