EQUITIES
The Nigerian equities market maintained its bearish performance as sustained profit-taking activities in the tier-1 banks and MTNN (-1.3%) triggered a 0.4% decline in the benchmark index. Consequently, the All-Share Index closed at 103,736.08 points. Sequentially, the MTD and YTD returns settled at -0.8% and +38.7%, respectively.
The total trading volume increased by 20.4% to 487.73 million units, valued at NGN15.64 billion, and exchanged in 8,908 deals. ZENITHBANK was the most traded stock by volume and value at 161.68 million units and NGN7.03 billion, respectively.
Sectoral performance was mixed, as the Banking (-2.7%) and Industrial Goods (-0.1%) indices settled lower, while the Consumer Goods (+0.5%) and Insurance (+0.4%) indices advanced. The Oil & Gas index remained flat.
As measured by market breadth, market sentiment was negative (0.9x), as 25 tickers lost relative to 22 gainers. CILEASING (-9.8%) and MBENEFIT (-8.6%) topped the losers’ list, while MORISON (+9.8%) and SCOA (+9.8%) recorded the most significant gains of the day.
CURRENCY
The naira appreciated by 0.6% to NGN1,255.07/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 2bps to 25.2%, amid debits for the OMO auction (NGN676.65 billion) conducted yesterday.
Sentiments in the Treasury bills secondary market turned bearish, as the average yield expanded by 53bps to 18.1%. Across the curve, the average yield advanced at the short (+93bps), mid (+62bps) and long (+19bps) segments due to sell pressures on the 35DTM (+200bps), 98DTM (+151bps) and 308DTM (+59bps) bills, respectively. Conversely, the average yield contracted by 1bp to 18.4% in the OMO segment.
Trading in the Treasury bond secondary market was calm, as the average yield remained at 19.2%. Across the benchmark curve, the average yield increased slightly at the short (+1bp) end following mild sell-offs on the JAN-2026 (+1bp) bond but was unchanged at the mid and long segments.
Cordros
