EQUITIES
The domestic bourse commenced the week on a bullish note as gains in ARADEL (+10.0%), BUAFOODS (+5.3%), and ZENITHBANK (+1.8 %) drove the All-Share Index higher by 0.8% to 109,884.92 points. As a result, the Month-to-Date and Year-to-Date returns settled at +3.9% and +6.8%, respectively.
The total volume traded declined by 35.0% to 414.51 million units, valued at NGN11.09 billion, and exchanged in 19,775 deals. FIDELITYBK was the most traded stock by volume at 46.77 million units, while GTCO was the most traded stock by value at NGN1.74 billion.
Sectoral performance was mixed as the Oil & Gas (+3.0%) and Consumer Goods (+2.2%) indices advanced while the Insurance (-1.1%) index declined. The Banking and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 33 tickers gained relative to 31 losers. ARADEL (+10.0%) and UPL (+9.9%) led the gainers, while TRIPPLEG (-10.0%) and MRS (-10.0%) recorded the most significant losses of the day.
CURRENCY
The official FX rate appreciated by 0.3% to NGN1,581/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 14bps to 26.8% in the absence of any significant inflows into the system.
The NTB secondary market traded on a bullish note, as the average yield contracted by 6bps to 20.6%. Across the curve, the average yield contracted at the short (-4bps), mid (-3bps) and long (-8bps) segments, driven by demand for 87DTM (-13bps), 178DTM (-4bps) and 346DTM (-24bps) bills, respectively. Similarly, the average yield contracted by 24bps to 26.2% in the OMO segment.
Activities in the FGN bond secondary market were calm as the average yield remained unchanged at 18.7%.
