For the eight consecutive sessions, the Lagos bourse extended its losing streak as the benchmark Index closed 1.93% weaker – the biggest single day decline since 19 February – to close at 99,808.34. The market’s weak performance was driven by selloffs in telco heavyweight, MTNN (-1.32%) alongside Tier-1 banking tickers, GTCO (-3.66%), FBNH (-5.61%). As a result, the year-to-date (YTD) return fell to 33.48%, while the market capitalization lost ₦1.11trn to close at ₦56.45trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.91%. A total of 403.89m shares valued at ₦8.38bn were exchanged in 10,170 deals. ACCESSCORP (-8.63%) led the volume chart with 62.93m units traded while GTCO (-3.66%) led the value charts in deals worth ₦1.74bn.
Market breadth closed negative at a 0.14-to-1 ratio with declining issues outnumbering the advancing ones. FIDELITYBK (-10.00%) topped forty-eight (48) others on the laggard’s table while MORISON (+9.96%) led six (6) others on the leader’s log.
MORE ON EQUITIES
The bears continued to dominate on local bourse as investors sold off DANGCEM (-4.4%) stock. Consequently, the Month-to-Date loss increased to -4.6%, while the Year-to-Date return moderated to +33.5%.
On sectors, the Banking (-5.8%), Insurance (-3.3%), Consumer Goods (-1.0%), and Industrial Goods (-0.1%) indices closed in red, while the Oil & Gas index closed flat.
CURRENCY
The naira depreciated by 1.1% to NGN1,148.14/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 98bps to 31.4% despite the inflows from OMO maturities (NGN17.00 billion).
Trading in the Treasury bills secondary market was mixed albeit with a bullish undertone as the average yield contracted by 1bp to 18.8%. Across the curve, the average yield pared at short (-1bp), mid (-1bp) and long (-1bp) segments following buying interests in the 86DTM (-1bp),163DTM (-1bp) and 345DTM (-1bp) bills, respectively. Similarly, the average yield declined by 1bp to 18.2% in the OMO segment.
The Treasury bonds secondary market was quiet, as the average yield was unchanged at 19.2%. Across the benchmark curve, the average yield inched higher at the short (+1bp) end as investors sold off the MAR-2025 (+2bps) bond but closed flat at the mid and long segments.
Coronation, Cordros
