EQUITIES
Profit taking activities resumed in the local bourse as losses in TRANSCORP (-10.0%) and OKOMUOIL (-6.5%) drove the All-Share Index down by 0.3% to 146,940.29 points. Consequently, the Month-to-Date and Year-to-Date returns settled lower at +2.4% and +42.8%, respectively.
The total volume of trades advanced by 258.3% to 1.97 billion units, valued at NGN30.23 billion, and exchanged in 23,038 deals. ETRANZACT was the most traded stock by volume and value at 1.03 billion units and NGN7.50 billion, respectively.
Sectoral performance was mixed as the Insurance (-1.5%), Industrial Goods (-0.1%), and Banking (-0.1%) indices declined, while the Oil & Gas index (+0.1%) advanced. The Consumer Goods index remained unchanged.
As measured by market breadth, market sentiment was negative (0.7x), as 21 tickers gained relative to 31 losers. ETERNA (-10.0%) and AUSTINLAZ (-10.0%) led the laggards, while LEARNAFRCA (+9.5%) and MECURE (+8.7%) posted the most significant gains of the day.
CURRENCY
The official FX rate remained unchanged at NGN1,447.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 4bps to 22.8% despite inflows from OMO maturities (NGN1.07 trillion).
The NTB secondary market traded on a bearish note as the average yield expanded by 43bps to 17.8%. Across the curve, the average yield expanded at the short (+30bps), mid (+112bps) and long (+6bps) segments, driven by the selloffs of the 72DTM (+144bps), 163DTM (+143bps), 191DTM (+119bps) bills, respectively. Conversely, the average yield contracted by 1bp to 22.0% in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a bearish note, as the average yield expanded by 60bps to 16.5%. Across the curve, the average yield expanded at the short (+29bps), mid (+136bps) and long (+50bps) segments driven by sell pressures on the APR-2029 (+60bps), JUL-2034 (+154bps) and MAR-2036 (+131bps) bonds, respectively.
