EQUITIES
Trading in the domestic stock market began the week on a negative note as investors sold off FBNH (-4.7%), SEPLAT (-1.3%) and TRANSCORP (-3.9%). Thus, the All-Share index declined by 0.2% to close at 99,118.86 points. Consequently, the Year-to-Date return settled at +32.6%.
The total volume of trades decreased by 19.5% to 349.59 million units, valued at NGN5.24 billion, and exchanged in 8,082 deals. VERITASKAP was the most traded stock by volume at 57.95 million units, while GTCO was the most traded stock by value at NGN1.89 billion.
Sectoral performance was mixed as the Banking (-0.8%), Consumer Goods (-0.1%), and Industrial Goods (-0.1%) indices declined, while the Oil & Gas index closed flat. The Insurance index (+2.8%) was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.3x), as 22 tickers gained relative to 17 losers. The top gainers were CORNEST (+10.0%) and DEADCAP (+10.0%), while ETRANZACT (-9.8%) and UNITYBNK (-9.8%) led the laggards.
CURRENCY
The naira appreciated by 0.7% to NGN1,476.12/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 12bps to 29.8% 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 2bps to 21.7%. Across the curve, the average yield contracted at the short (-3bps) and mid (-3bps) segments, following interests in the 24DTM (-4bps) and 171DTM (-4bps) bills, respectively, but was flat at the long end. Similarly, the average yield dipped by 4bps to 21.4% in the OMO segment.
Proceedings in the Treasury bond secondary market were mixed, although with a bearish tilt, as the average yield expanded slightly by 1bp to 18.5%. Across the benchmark curve, the average yield expanded at the short (+2bps) end due to profit-taking activities in the MAR-2025 bond (+6bps) but was unchanged at the mid and long segments.
Cordros
