EQUITIES
The Nigerian equities market extended yesterday’s losses following sell pressures on MTNN (-1.7%) and FBNH (-3.4%). Accordingly, the All-Share Index declined by 0.2% to 103,952.47 points, as the Month-to-Date and Year-to-Date returns moderated to +4.0% and +39.0%, respectively.
The total volume of trades advanced by 22.0% to 374.41 million units, valued at NGN11.29 billion, and exchanged in 8,689 deals. GTCO was the most traded stock by volume and value at 67.15 million units and NGN3.27 billion, respectively.
Analysing by sectors, the Insurance (+0.2%) and Banking (+0.1%) indices posted gains, while the Consumer Goods (-0.1%) index declined. The Industrial Goods and Oil & Gas indices stayed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as an equal number of tickers (24) gained and lost. ABBEYBDS (+10.0%) and MAYBAKER (+9.7%) topped the gainers’ list, while UPDC (-9.9%) and UCAP (-8.8%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 1.8% to NGN1,382.95/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 51bps to 27.0%, in the absence of any significant outflows from the system.
Proceedings in the NTB secondary market was bullish, as the average yield pared by 1bp to 17.7%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp) and long (-1bp) segments due to interest in the 72DTM (-1bp), 170DTM (-1bp) and 331DTM (-1bp) bills, respectively. Likewise, the average yield contracted marginally by 1bp to 18.5% in the OMO segment.
Sentiments in the FGN bond secondary market was bearish, as the average yield advanced by 3bps to 19.1%. Across the benchmark curve, the average yield expanded at the short (+10bps) end following profit-taking activities on the JAN-2026 (+50bps) bond but was flat at the mid and long segments.
