EQUITIES
The domestic stock market continued its descent as profit taking activities in GTCO (-4.2%) caused a 0.2% decline in the benchmark index. Consequently, the All-Share Index settled at 99,805.95 points, with the Month-to-Date and Year-to-Date returns moderating to -0.3% and +33.5%, respectively.
The total volume traded decreased by 38.7% to 422.69 million units, valued at NGN53.96 billion, and exchanged in 8,256 deals. TRANSPOWER was the most traded stock by volume and value at 118.63 million units and NGN48.99 billion, respectively.
Sectoral performance was mixed, as the Banking (-0.1%) and Insurance (-0.1%) indices declined, while the Oil & Gas (+0.4%) and Consumer Goods (+0.3%) indices advanced. The Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was positive (1.1x), as 26 tickers gained and 24 losers. AFRIPRUD (-10.0%) and UACN (-7.3%) topped the losers’ list, while CHAMPION (+10.0%) and CADBURY (+9.9%) recorded the most significant gains of the day.
CURRENCY
The naira depreciated by 0.6% to NGN1,532.58/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 27bps to 32.6% despite the inflows from OMO maturities (NGN32.20 billion).
The NTB secondary market traded with bearish sentiments as the average yield expanded by 60bps to 23.5%. Across the curve, the average yield pared at the short (-1bp) end, following demand for the 79DTM (-1bp) bill, but expanded at the mid (+176bps) and long (+32bps) segments driven by the selloffs of the 121DTM (+223bps), and 198DTM (+236bps) bills, respectively. Meanwhile, the average yield dipped by 2bps to 24.3% in the OMO segment.
Elsewhere, proceedings in the FGN bond secondary market were quiet as the average yield closed flat at 18.6%. Across the benchmark curve, the average yield increased slightly at the short (+1bp) end as investors sold off the MAR-2025 (+3bps) bond but closed flat at the mid and long segments.
