EQUITIES
The Nigerian equities market sustained its negative sentiments as investors sold off FBNH (-9.9%) and GTCO (-6.0%). As a result, the All-Share Index closed at 98,228.50 points, declining by 0.5%. Consequently, the Month-to-Date return was flat while Year-to-Date return moderated to +31.4%.
The total volume of trades increased by 0.9% to 425.66 million units, valued at NGN8.35 billion, and exchanged in 9,620 deals. UBA was the most traded stock by volume and value at 102.23 million units and NGN2.68 billion, respectively.
Analysing by sectors, the Banking (-3.1%), Insurance (-1.5%) and Consumer Goods (-0.7%) indices declined, while the Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.5x), as 27 tickers lost relative to 14 gainers. UNITYBNK (-10.0%) and FBNH (-9.9%) topped the losers’ list, while PRESCO (+10.0%) and JAPAULGOLD (+10.0%) recorded the highest gains of the day.
CURRENCY
The naira depreciated by 4.4% to NGN1,416.57/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 100bps to 29.2%, amid debits for the OMO auction (NGN260.65 billion) conducted yesterday.
Sentiments in the NTB secondary market were bullish, as the average yield contracted by 4bps to 22.5%. Across the curve, the average yield declined at the short (-2bps), mid (-1bp) and long (-7bps) segments, driven by investors’ interest in the 65DTM (-2bps), 170DTM (-1bp) and 233DTM (-40bps) bills, respectively. Similarly, the average yield pared by 1bp to 18.7% in the OMO segment.
Trading in the Treasury bonds secondary market was bullish, as the average yield contracted by 32bps to 18.5%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end following profit-taking activities on the MAR-2025 (+2bps) bond but dipped at the mid (-8bps) and long (-57bps) segments due to buying interest in the FEB-2031 (-26bps) and JAN-2042 (-110bps) bonds, respectively.
