EQUITIES
The Nigerian equities market extended yesterday’s loss as continued sell pressures on OANDO (-9.7%) drove the All-Share Index lower by 0.3% to 96,210.20 points. As a result, the Month-to-Date and Year-to-Date returns settled at -0.4% and +28.7%, respectively.
The total volume of trades decreased by 0.2% to 388.62 million units, valued at NGN9.57 billion, and exchanged in 9,897 deals. ZENITHBANK was the most traded stock by volume at 56.56 million units, while OANDO remained the most traded stock by value at NGN3.19 billion.
Sectoral performance was mixed, as the Banking (-0.8%) and Consumer Goods (-0.4%) indices posted losses, while the Insurance (+0.1%) and Oil & Gas (+0.1%) indices gained. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 28 tickers lost relative to 19 gainers. RTBRISCOE (-10.0%) and FTNCOCOA (-9.8%) topped the losers’ list, while BERGER (+10.0%) and MEYER (+10.0%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 0.8% to NGN1,639.41/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 242bps to 31.6% in the absence of any significant funding pressure on the system.
Trading in the NTB secondary market was bullish, as the average yield contracted by 125bps to 19.6%. Across the curve, the average yield dipped at the short (-53bps), mid (-238bps), and long (-97bps) segments driven by bargain hunting activities in the 91DTM (-179bps), 154DTM (-463bps), and 322DTM (-201bps) bills, respectively. Similarly, the average yield declined by 9bps to 22.7% in the OMO segment.
Likewise, the FGN bonds secondary market traded with bullish sentiments, as the average yield contracted by 9bps to 18.4%. Across the benchmark curve, the average yield declined at the short (-34bps) end due to demand for the MAR-2025 (-172bps) bond, while it closed flat at the mid and long segments.
