EQUITIES
The local bourse traded higher for the fourth consecutive session following demand for FBNH (+4.3%). Thus, the All-Share Index advanced by 0.1% to 104,056.21 points. Accordingly, the Month-to-Date and Year-to-Date gains rose to +4.1% and +39.2%, respectively.
The total volume traded declined by 30.8% to 226.31 million units, valued at NGN7.41 billion, and exchanged in 5,823 deals. FBNH was the most traded stock by volume at 28.56 million units, while NESTLE was the most traded stock by value at NGN1.00 billion.
From a sectoral perspective, the Insurance (-1.2%) index declined, while the Consumer Goods (+0.4%) and Banking (+0.3%) indices recorded gains. The Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 21 tickers lost relative to 18 gainers. INTENEGINS (-10.0%) and SUNUASSUR (-9.9%) topped the losers’ list, while ROYALEX (+9.7%) and UNILEVER (+9.6%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 0.4% to NGN1,608.98/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 192bps to 31.1%, following the principal and coupon payments of the maturing FGN MAR 2024 bond (NGN 771.11 billion).
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 4bps to 18.7%. Across the curve, the average yield declined at the short (-11bps), mid (-1bp) and long (-1bp) segments following demand for the 84DTM (-62bps), 182DTM (-1bp) and 343DTM (-2bps) bills, respectively. Elsewhere, the average yield pared by 1bp to 18.8% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet, as the average yield closed flat at 18.3%.
Cordros Research
NGX All-Share Index closes positive
The Lagos bourse nudged slightly higher, as the benchmark index up 0.05% to settle at 104,056.21 points. Renewed investors interest in FBNH (+4.32%), alongside sustained interest in ACCESSCORP (+1.52%), and DANGSUGAR (+3.81%), offsetting selloffs in MTNN (-0.40%), GTCO (-0.79%) and ZENITHBANK (-1.28%), keeping the market in the green. The year-to-date (YTD) return rose to 39.16%, while market capitalization gained ₦27.64bn to close at ₦58.83trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 18.76%. A total of 226.31m shares valued at ₦7.41bn were exchanged in 5,823 deals. FBNH (-4.32%) led the volume chart with 28.56m units traded, while NESTLE (+0.00%) led the value chat with deals worth ₦1.00bn.
Market breadth closed negative at a 0.86-to-1 ratio with declining issues outnumbering the advancing ones. INTENEGINS (-10.00%) topped twenty (20) others on the laggard’s table while ROYALEX (+9.72%) led seventeen (17) others on the laggard’s log.
Coronation Research
