EQUITIES
The domestic equities market reversed yesterday’s gains, as losses in WAPCO (-2.1%), ZENITHBANK (-2.0%), GTCO (-1.3%), and NB (-3.9%) dragged the All-Share Index down by 0.1% to 145,864.80 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to +4.3% and +41.7%, respectively.
The total volume traded rose by 5.1% to 1.34 billion units, valued at NGN20.22 billion, and exchanged in 30,749 deals. UNIVINSURE was the most traded stock by volume at 193.43 million units, while ACCESSCORP was the most traded stock by value at NGN2.35 billion.
On sectors, performance was mixed as the Consumer Goods (-0.9%), Banking (-0.5%) and Industrial Goods (-0.3%) indices declined, while the Insurance (+7.9%), and Oil & Gas (+0.1%) indices advanced.
As measured by market breadth, market sentiment was positive (2.4x), as 50 tickers gained relative to 21 losers. CAVERTON (+10.0%) and FTNCOCOA (+10.0%) led the gainers, while THOMASWY (-10.0%) and UPDC (-7.9%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 1.4% to NGN1,523.42/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 310bps to 32.5%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded on a bearish note as the average yield expanded by 4bps to 17.9%. Across the curve, the average yield contracted at the short (-1bp) end, driven by demand for the 71DTM (-1bp) bill, but expanded at the long (+10bps) end, due to the selloff of the 309DTM (+81bps) bill. The average yield remained unchanged at the mid segment. Conversely, the average yield contracted by 12bps to 24.4% in the OMO segment.
Meanwhile, the FGN bond secondary market traded on a quiet note, as the average yield remained unchanged at 16.3%. Across the benchmark curve, the average yield expanded at the mid (+2bps) segment, driven by the selloff of the FEB-2031 (+8bps) bond, but remained unchanged at the short and long ends.
