EQUITIES
The bulls continued to dominate the domestic bourse as gains in BUACEMENT (+8.7%), ZENITHBANK (+9.4%), and OANDO (+10.0%) drove a 1.2% increase in the NGX ASI to 121,257.69 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at +8.5% and +17.8%, respectively.
The total volume of trades declined by 0.8% to 861.67 million units, valued at NGN26.18 billion, and exchanged in 22,896 deals. FIDELITYBK was the most traded stock by volume at 82.98 million units, while ZENITHBANK was the most traded stock by value at NGN3.45 billion.
Analysing by sectors, the Banking (+2.4%), Consumer Goods (+2.3%), Industrial Goods (+2.3%), Insurance (+2.0%) and Oil & Gas (+1.1%) indices advanced.
As measured by market breadth, market sentiment was positive (3.9x), as 62 tickers gained relative to 16 losers. OANDO (+10.0%) and DANGSUGAR (+10.0%) recorded the most significant gains of the day, while UPL (-6.3%) and RTBRISCOE (-6.1%) led the losers.
CURRENCY
The official FX rate appreciated by 0.7% to NGN1,540.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 70bps to 32.6% in the absence of any significant funding pressures on the system.
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 4bps to 20.3%. Across the curve, the average yield contracted at the short (-6bps), mid (-1bp) and long (-4bps) segments, driven by the demand for the 71DTM (-46bps), 176DTM (-1bp) and 358DTM (-53bps) bills, respectively. Similarly, the average yield contracted by 8bps to 26.6% in the OMO segment.
Activities in the FGN bond secondary market was quiet as the average yield remained unchanged at 18.2%.
