EQUITIES
The domestic stock market reversed yesterday’s losses as buying interests in OANDO (+10.0%) and FBNH (+4.6%) underpinned market’s performance. As a result, the All-Share index notched a 0.2% gain to close at 97,119.03 points. Accordingly, the Month-to-Date and Year-to-Date returns printed -0.7% and +29.9%, respectively.
The total volume of trades increased by 41.7% to 636.50 million units, valued at NGN12.77 billion, and exchanged in 9,744 deals. ACCESSCORP was the most traded stock by volume at 112.62 million units, while GTCO was the most traded by value at NGN3.34 billion.
Analysing by sectors, the Banking (+1.0%), Insurance (+0.8%) and Oil & Gas (+0.1%) indices posted gains, while the Consumer Goods (-0.3%) index settled lower. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.2x), as 26 tickers gained relative to 22 losers. REDSTAREX (+10.0%) and OANDO (+10.0%) topped the gainers’ list, while NEIMETH (-7.7%) and HONYFLOUR (-6.1%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.3% to NGN1,596.52/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 5bps to 25.9%, in the absence of any significant inflows into the system.
Trading in the NTB secondary market was bearish, as the average yield expanded by 34bps to 26.1%. Across the curve, the average yield increased at the short (+53bps), mid (+37bps) and long (+22bps) segments due to the sell-off of the 78DTM (+228bps), 106DTM (+192bps) and 302DTM (+113bps) bills, respectively. Similarly, the average yield advanced by 42bps to 26.1% in the OMO segment.
Proceedings in the FGN bond secondary market were quiet, as the average yield closed flat at 19.6%.
