EQUITIES
Trading in the Nigerian equities market began the week on a positive note as buying interests in BUAFOODS (+4.2%) drove the All-Share Index 0.1% higher to close at 96,037.28 points. Accordingly, the Month-to-Date and Year-to-Date returns printed -1.8% and +28.4%, respectively.
The total volume of trades increased by 15.3% to 377.18 million units, valued at NGN3.78 billion, and exchanged in 9,075 deals. VERITASKAP was the most traded stock by volume at 67.27 million units, while ZENITHBANK was the most traded stock by value at NGN503.54 million.
Analysing by sectors, the Consumer Goods (+1.8%), Insurance (+1.1%), and Oil & Gas (+0.7%) indices posted gains, while the Banking (-0.4%) index settled lower. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.5x), as 27 tickers gained relative to 18 losers. ETERNA (+10.0%) and OKOMUOIL (+10.0%) topped the gainers’ list, while TRANSPOWER (-10.0%) and ABBEYBDS (-9.7%) recorded the highest losses of the day.
CURRENCY
The naira depreciated by 1.7% to NGN1,596.60/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 67bps to 25.5% in the absence of any significant inflows into the system.
Trading in the NTB secondary market was bullish, as the average yield declined by 65bps to 21.7%. Across the curve, the average yield decreased at the short (-20bps), mid (-47bps) and long (-104bps) segments driven by demand for the 87DTM (-120bps), 150DTM (-129bps) and 199DTM (-254bps) bills, respectively. Similarly, the average yield declined by 65bps to 24.5% in the OMO segment.
The FGN bond secondary market traded with bullish sentiments, as the average yield dipped by 5bps to 19.3%. Across the benchmark curve, the average yield closed flat at the short and long ends but declined at the mid (-19bps) segment due to buying interests in the FEB-2031 (-57bps) bond.
