EQUITIES
The Nigerian equities market was negative for most of the day however late buying interest in ZENITHBANK (+2.6%), GTCO (+1.9%) and ACCESSCORP (+2.6%) ensured the market closed higher. Thus, the All-Share index advanced by 0.1% to 100,067.77 points, with the MTD and YTD returns settling at 0.0% and +33.8%, respectively.
The total trading volume increased by 33.1% to 365.64 million units, valued at NGN4.12 billion, and exchanged in 8,665 deals. UNIVINSURE was the most traded stock by volume at 61.53 million units, while UCAP was the most traded by value at NGN711.31 million.
Analysing by sectors, the Insurance (+2.0%) and Banking (+0.8%) indices recorded gains, while the Consumer Goods (-0.3%) index declined. Meanwhile, the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.9x), as 24 tickers lost relative to 22 gainers. RTBRISCOE (-9.9%) and CUTIX (-6.8%) topped the losers’ list, while CORNERST (+10.0%) and JAIZBANK (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 3bps to NGN1,509.45/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 610bps to 31.9% in the absence of any significant funding pressure on the system.
Proceedings in the Treasury bills secondary market were mixed but with a bearish tilt, as the average yield increased slightly by 1bp to 22.0%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments, following interests in the 86DTM (-1bp) and 177DTM (-1bp) bills, respectively. Conversely, the average yield expanded at the long (+3bps) end, driven by the selloff of the 324DTM (+44bps) bill. Meanwhile, the average yield declined by 2bps to 23.4% in the OMO segment.
Elsewhere, the FGN bond secondary market traded quietly, as the average yield was unchanged at 18.6%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end, driven by sell pressures on the MAR-2025 (+2bps) bond but stayed flat at the mid and long segments.
Cordros
