EQUITIES
The Nigerian equities market commenced the week on a bullish note as gains in MTNN (+3.2%), FIRSTHOLDCO (+2.0%), and OANDO (+2.7%) drove a 0.3% increase in the NGX ASI to 112,015.95 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at +0.3% and +8.8%, respectively.
The total volume of trades declined by 72.8% to 517.95 million units, valued at NGN10.07 billion, and exchanged in 17,019 deals. FIDELITYBK was the most traded stock by volume and value at 98.82 million units and NGN1.88 billion, respectively.
Analysing by sectors, the Insurance (+0.9%) and Oil & Gas (+0.2%) indices advanced, while the Consumer Goods (-0.1%) and Banking (-0.1%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 32 tickers lost relative to 23 gainers. LEGENDINT (-9.9%) and NSLTECH (-9.8%) recorded the most significant losses of the day while MULTIVERSE (+9.9%) and LIVESTOCK (+9.6%) led the gainers.
CURRENCY
The official FX rate appreciated by 0.1% to NGN1,585.50/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 1bp to 26.9% in the absence of any significant inflows into the system.
Proceedings in the Treasury bill secondary market were bearish, as the average yield expanded by 1bp to 20.7%. Across the curve, the average yield contracted at the short (-3bps) and mid (-3bps) segments, driven by buying interest in the 80DTM (-3bps) and 157DTM (-4bps) bills, respectively, while it expanded at the long (+4bps) end, following profit taking activities in the 220DTM (+77bps) bill. In contrast, the average yield contracted by 5bps to 26.0% in the OMO segment.
Elsewhere, the Treasury bond secondary market was quiet, as the average yield closed flat at 18.5%. Across the benchmark curve, the average yield expanded at the short (+3bps) end, driven by profit-taking activities in the JAN-2026 (+14bps) bond, while it expanded at the long (+2bps) end, underpinned by the demand for the JUN-2038 (-18bps) bond. The average yield remained unchanged at the mid segment.
