EQUITIES
The bears resurfaced in the Nigerian equities market as sell pressures on OANDO (-5.6%) and GTCO (-2.5%) caused the All-Share index to decline by 0.2% to 98,050.12 points. As a result, the Month-to-Date and Year-to-Date returns moderated to +0.4% and +31.1%, respectively.
The total trading volume increased by 23.3% to 456.83 million units, valued at NGN9.22 billion, and exchanged in 10,495 deals. FBNH was the most traded stock by volume at 51.11 million units, while WAPCO was the most traded stock by value at NGN2.31 billion.
Analyzing by sectors, the Banking (-1.2%) and Oil & Gas (-0.3%) indices declined, while the Consumer Goods (+0.4%), Insurance (+0.3%), and Industrial Goods (+0.2%) indices gained.
As measured by market breadth, market sentiment was positive (1.3x), as 31 tickers gained relative to 24 losers. AUSTINLAZ (-10.0%) and HONYFLOUR (+9.9%) led the gainers, while WAPIC (-9.8%) and UPL (-9.1%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 1.7% to NGN1,658.67/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 58bps 32.8% following debits for the net NTB issuance (NGN82.25 billion).
The Treasury bills secondary market traded on a quiet note but with a bullish bias as investors looked to fill unmet bids at yesterday’s PMA. Accordingly, the average yield pared by 1bp to 24.1%. Across the curve, the average yield declined at the mid (-2bps) and long (-2bps) segments, driven by demand for the 182DTM (-2bps) and 336DTM (-2bps) bills, respectively, while the average yield expanded at the short (+2bps) end following selloffs of the 91DTM (+24bps) bond. Similarly, the average yield dipped by 2bps to 27.2% in the OMO segment.
The FGN bond secondary market traded cautiously as the average yield was unchanged at 19.1%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end driven by sell pressures on the JAN-2026 (+2bps) bond, while it declined at the mid (-2bps) segment following buying interests in the FEB-2031 (-6bps) bond. Meanwhile, the average yield closed flat at the long end.
