EQUITIES
The domestic bourse extended yesterday’s bearish sentiments following sell pressures on DANGSUGAR (-5.7%) and WAPCO (-4.1%). Consequently, the NGX ASI declined by 0.1% to 99,217.60 points, with the MTD and YTD returns printing -0.1% and +32.7%, respectively.
The total volume of trades declined by 62.9% to 361.57 million units, valued at NGN6.16 billion, and exchanged in 8,511 deals. TRANSCORP was the most traded stock by volume at 47.51 million units, while GTCO was the most traded stock by value at NGN1.65 billion.
Analysing by sectors, the Consumer Goods (-0.5%), Banking (-0.4%), and Industrial Goods (-0.2%) indices declined, while the Insurance (+0.8%) index advanced. The Oil and Gas index remained unchanged.
As measured by market breadth, market sentiment was positive (1.1x), as 25 tickers gained relative to 23 losers. OKOMUOIL (+10.0%) and JOHNHOLT (+9.8%) topped the gainers’ list, while OANDO (-9.8%) and UPL (-9.1%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 0.7% to NGN1,500.79/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET AND FIXED INCOME
The overnight lending rate expanded by 1bp to 24.0%, in the absence of any significant outflows from the system.
The NTB secondary market closed on a bearish note, as the average yield expanded by 9bps to 22.0%. Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments driven by mild interest in the 79DTM (-1bp) and 170DTM (-1bp) bills, respectively. Conversely, the average yield expanded at the long (+21bps) end due to profit taking activities on the 226DTM (+90bps) bill. Similarly, the average yield advanced by 124bps to 23.5% in the OMO segment.
The FGN bond secondary market traded with bullish sentiments, as the average yield contracted by 6bps to 18.6%. Across the benchmark curve, the average yield increased at the short (+1bp) end, as investors sold off the MAR-2025 (+2bps) bond but contracted at the mid (-32bps) segment due to buying interest in the JUN-2033 (-156bps) bond. Meanwhile, the average yield was unchanged at the long end.
