EQUITIES
The Nigerian equities market reversed yesterday’s gains as sell pressures on MTNN (-0.4%) undermined market performance. Consequently, the NGX ASI dipped by 0.2% to close at 99,630.51 points. As a result, the Month-to-Date and Year-to-Date returns printed +0.3% and +33.2%, respectively.
The total volume of trades decreased by 11.9% to 848.97 million units, valued at NGN16.55 billion, and exchanged in 8,064 deals. FIDELITYBK was the most traded stock by both volume and value at 293.18 million units and NGN2.92 billion, respectively
Analysing by sectors, the Oil and Gas (+2.1%), Insurance (+1.2%), Banking (+0.7%), and Consumer Goods (+0.1%) indices advanced, while the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.7x), as 29 tickers gained relative to 17 losers. TOTAL (+10.0%) and PRESCO (+10.0%) were the top gainers’, while NASCON (-9.9%) and THOMASWY (-9.7%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.7% to NGN1,473.66/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET AND FIXED INCOME
The overnight lending rate contracted by 46bps to 30.6% in the absence of any significant inflows into the system.
The Treasury bills secondary market traded with bullish sentiments, as the average yield declined by 3bps to 21.9%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-4bps) segments, following interests in the 86DTM (-1bp), 177DTM (-1bp) and 268DTM (-54bps) bills, respectively. However, the average yield closed flat in the OMO segment.
Trading in the FGN bond secondary market remained calm, as the average yield was unchanged at 18.6%. Across the benchmark curve, the average yield expanded at the short (+1bp) end due to profit-taking activities in the MAR-2025 bond (+2bps) but was unchanged at the mid and long segments.
Cordros
