EQUITIES
The local bourse closed higher yet again, as gains in BUAFOODS (+8.7%), GUINNESS (+10.0%) and ETI (+2.8%), drove the All-Share index higher by 0.5% to 146,570.69 points. Accordingly, the Month-to-Date and Year-to-Date returns settled higher at +4.8% and +42.4%, respectively.
The total volume of trades declined by 26.5% to 2.00 billion units, valued at NGN27.26 billion, and exchanged in 35,291 deals. LINKASSURE was the most traded stock by volume at 372.40 million units, while GTCO was the most traded stock by value at NGN2.91 billion.
On sectors, performance was mixed, as the Insurance (+8.8%), Consumer Goods (+4.1%), and Banking (+0.2%) indices advanced, while the Industrial Goods (-1.7%) and Oil & Gas (-0.9%) indices declined.
As measured by market breadth, market sentiment was positive (1.3x), as 43 tickers gained relative to 32 losers. UPL (+10.0%) and MANSARD (+10.0%) led the gainers, while CHAMS (-9.9%) and AUSTINLAZ (-9.8%) recorded the most significant losses of the day.
CURRENCY
The official FX rate depreciated by 0.2% to NGN1,535.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 2bps to 27.0%, in the absence of any significant funding pressures on the system.
The NTB secondary market traded on a bearish note, as the average yield expanded by 7bps to 17.9%. Across the curve, the average yield contracted at the short (-1bp) end driven by the demand for the 52DTM (-1bp) bill, but expanded at the mid (+10bps) and long (+9bps) segments, due to selloffs in the 129DTM (+28bps) and 290DTM (+51bps), respectively. Similarly, the average yield expanded by 7bps to 24.8% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet, albeit with a bearish tilt as the average yield expanded by 1bp to 16.3%. Across the benchmark curve, the average yield expanded at the short (+5bps) end, due to profit-taking activities on the MAR-2037 (+33bps) bond, but closed flat at the mid and long segments.
