EQUITIES
The Nigerian equities market traded on a negative note as selloffs in WAPCO (-9.9%) and TRANSCORP (-4.3%) drove the All-Share Index lower by 0.7% to 138,737.64 points. Sequentially, the Month-to-Date and Year-to-Date returns moderated to -1.1% and +34.8%, respectively.
The total volume of trades declined by 0.1% to 407.57 million units, valued at NGN39.87 billion, and exchanged in 31,406 deals. GTCO was the most traded stock by volume at 32.61 million units, while SEPLAT was the most traded stock by value at NGN28.45 billion.
On sectors, the Insurance (-2.2%), Industrial Goods (-1.5%), Consumer Goods (-1.4%) and Banking (-0.6%) indices declined, while the Oil & Gas (+0.1%) index advanced.
As measured by market breadth, market sentiment was negative (0.2x), as 46 tickers lost relative to 11 gainers. WEMABANK (-10.0%) and AIICO (-10.0%) posted the most significant losses of the day, while NCR (+10.0%) and AUSTINLAZ (+10.0%) led the gainers.
CURRENCY
The official FX rate appreciated by 0.4% to NGN1,525.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 8bps to 27.0%, in the absence of any significant funding pressure on the system.
The NTB secondary market traded on a bullish note as the average yield contracted by 2bps to 18.8%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-2bps) segments, driven by the demand for the 79DTM (-1bp), 170DTM (-1bp) and 352DTM (-19bps) bills, respectively. Conversely, the average yield expanded by 6bps to 25.6% in the OMO segment.
Elsewhere, the FGN bond secondary market traded with bullish sentiments as the average yield contracted by 5bps to 16.8%. Across the benchmark curve, the average yield contracted at the short (-5bps), mid (-10bps) and long (-1bp) segments, driven by the demand for the AUG-2030 (-17bps), FEB-2031 (-24bps) and JUN-2053 (-6bps) bonds, respectively.
