EQUITIES
The Nigerian equities market traded with mixed sentiments, as gains in GTCO (+4.4%) and TRANSCORP (+6.2%) offset the loss in TRANSCOHOT (-10.0%). Consequently, the All-Share index closed flat at 99,842.82 points with the MTD and YTD returns settling at +0.6% and +33.5%, respectively.
The total volume of trades declined by 6.0% to 1.30 billion units, valued at NGN25.33 billion, and exchanged in 8,364 deals. FBNH was the most traded stock by volume and value at 871.08 million units and NGN19.12 billion, respectively.
Analysing by sectors, the Banking (+0.7%), Insurance (+0.3%) and Consumer Goods (+0.2%) indices posted gains, while the Industrial Goods and Oil and Gas indices were unchanged.
As measured by market breadth, market sentiment was positive (2.1x), as 34 tickers gained relative to 16 losers. CHAMPION (+9.9%) and VERITASKAP (+9.9%) recorded the most significant gains of the day, while TRANSCOHOT (-10.0%) and REGALINS (-8.5%) topped the losers’ list.
CURRENCY
The naira depreciated by 0.2% to NGN1,485.36/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET AND FIXED INCOME
The overnight lending rate contracted by 260bps to 24.5%, despite debits for the OMO auction (NGN986.88 billion) conducted yesterday.
The NTB secondary market closed on a bearish note as the average yield expanded by 10bps to 21.9%. Across the curve, the average yield advanced at the short (+18bps) and long (+11bps) ends driven by selloffs of the 35DTM (+135bps) and 280DTM (+71bps) bills, respectively. Conversely, the average yield pared at the mid (-1bp) segment due to mild interest in the 175DTM (-1bp) bill. Elsewhere, the average yield inched higher by 1bp to 21.7% in the OMO segment.
Similarly, the FGN bond secondary market traded with bearish sentiments, as the average yield rose by 10bps to 18.7%. Across the benchmark curve, the average yield increased at the short (+8bps) and long (+17bps) ends, following profit-taking activities in the MAR-2027 (+14bps) and JUN-2038 (+96bps) bonds, respectively. Meanwhile, the average yield declined at the mid (-7bps) segment due to demand for the APR-2032 (-17bps) bond.
