EQUITIES
Unlike in the past two trading sessions, the domestic equities market traded with bullish sentiments as buying interests in FBNH (+3.0%) and ZENITHBANK (+1.4%), spurred a 0.2% gain in the All-Share Index to 99,385.44 points. Sequentially, the Month-to-Date and Year-to-Date returns increased to +0.1% and +32.9%, respectively.
The total volume of trades declined by 23.6% to 276.36 million units, with a value of NGN4.12 billion, and exchanged in 7,597 deals. ACCESSCORP was the most traded stock by volume and value at 45.34 million units and NGN859.40 million, respectively.
Performance across the sectors was mixed, as the Banking (+0.8%), Consumer Goods (+0.3%), and Insurance (+0.1%) indices recorded gains, while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was positive (2.6x), as 34 tickers gained relative to 13 losers. FTNCOCOA (+10.0%) and OANDO (+10.0%) recorded the most significant gains of the day, while NSLTECH (-10.0%) and CORNEST (-8.6%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.5% to NGN1,507.83/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 10bps to 24.1%, following debits for the June 2024 FGN bond PMA (NGN297.01 billion).
Activities in the T-bills secondary market was relatively quiet, as the average yield contracted slightly by 1bp to 22.0%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-2bps) segments as participants demanded the 92DTM (-1bp), 169DTM (-1bp), and 330DTM (-2bps) bills, respectively. Similarly, the average yield dipped by 3bps to 23.5% in the OMO segment.
Sentiments in the FGN bonds secondary market remained bullish, as the average yield contracted by 7bps to 18.5%. Across the benchmark curve, the average yield expanded slightly at the short (+1bp) and long (+1bp) ends due to selloffs of the MAR-2025 (+2bps) and JUN-2053 (+10bps) bonds, respectively. Meanwhile, the average yield contracted at the mid (-38bps) segment following buying interests in the APR-2032 (-156bps) bond.
