EQUITIES
The Nigerian equities market commenced the week and month positively as demand for OANDO (+10.0%) drove the All-Share Index higher by 0.2% to 96,793.95 points. As a result, the Year-to-Date return increased to +29.5%.
The total volume of trades declined by 13.2% to 498.12 million units, valued at NGN11.04 billion, and exchanged in 13,149 deals. UBA was the most traded stock by volume at 54.85 million units, while OANDO was the most traded stock by value at NGN3.20 billion.
Sectoral performance was mixed, as the Oil & Gas (+1.7%) and Banking (+1.1%) indices recorded gains, while the Insurance (-2.2%) and Consumer Goods (-0.4%) indices posted losses. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as an equal number of tickers (28) gained and lost. OANDO (+10.0%) and IMG (+9.9%) topped the gainers’ list, while LIVESTOCK (-10.0%) and RTBRISCOE (-9.9%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.8% to NGN1,585.77/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 224bps to 22.3% 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 11bps to 21.1%. Across the curve, the average yield dipped at the short (-3bps), mid (-4bps), and long (-20bps) segments driven by bargain hunting in the 80DTM (-3bps), 157DTM (-5bps), and 206DTM (-113bps) bills, respectively. Similarly, the average yield declined by 4bps to 22.8% in the OMO segment.
Likewise, the FGN bonds secondary market traded with bullish sentiments, as the average yield contracted by 13bps to 18.5%. Across the benchmark curve, the average yield declined at the short (-12bps), mid (-10bps), and long (-15bps) segments due to demand for the JAN-2026 (-32bps), JUN-2033 (-25bps), and APR-2037 (-95bps) bonds, respectively.
