EQUITIES
Trading in the domestic equities market kicked off the week on a bearish note, following profit-taking activities in DANGCEM (-10.0%). As a result, the All-Share Index dipped by 1.4% to close at 95,779.79 points. Accordingly, the Month-to-Date and Year-to-Date returns moderated to -2.0% and +28.1%, respectively.
The total volume of trades increased significantly by 916.2% to 3.55 billion units, valued at NGN7.65 billion, and exchanged in 9,291 deals. GTCO was the most traded stock by volume and value at 59.25 million units and NGN2.73 billion, respectively.
Analysing by sectors, the Industrial Goods (-5.0%), Insurance (-0.7%) and Consumer Goods (-0.7%) indices recorded losses, while the Banking (+0.2%) and Oil & Gas (+0.1%) indices posted gains.
As measured by market breadth, market sentiment was positive (1.7x), as 31 tickers gained, relative to 18 losers. CUTIX (+10.0%) and RTBRISCOE (+10.0%) topped the gainers’ list, while DANGCEM (-10.0%) and NSLTECH (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira closed flat at NGN1,579.22/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 360bps to 29.4% in the absence of any significant inflows into the system.
The NTB secondary market traded with bullish sentiments, as the average yield contracted by 185bps to 23.1%. Across the curve, the average yield declined at the short (-396bps), mid (-306bps) and long (-8bps) segments, driven by buying interests in the 52DTM (-543bps), 143DTM (-457bps) and 206DTM (-33bps) bills, respectively. Similarly, the average yield declined by 3bps to 25.8% in the OMO segment.
Elsewhere, trading in the Treasury bond secondary market was quiet, as investors anticipated today’s auction result. Thus, the average yield closed flat at 19.4%.
