EQUITIES
The domestic bourse extended its bullish momentum in today’s session as gains in GEREGU (+9.5%), FBNH (+6.3%), and OANDO (+6.1%) lifted the All-Share Index higher by 0.6% to 98,230.92 points. Thus, the Month-to-Date and Year-to-Date returns settled higher at +1.7% and +31.4%, respectively.
The total volume of trades declined by 23.3% to 361.30 million units, valued at NGN7.57 billion, and exchanged in 9,627 deals. JAPAULGOLD was the most traded stock by volume at 64.04 million units, while GEREGU was the most traded stock by value at NGN1.34 billion.
On sectors, the Banking (+1.1%), Insurance (+0.6%), and Oil & Gas (+0.4%) indices advanced, while the Consumer Goods (-1.1%) and Industrial Goods (-0.1%) indices declined.
As measured by market breadth, market sentiment was positive (1.1x), as 27 tickers gained relative to 25 losers. HONYFLOUR (+10.0%) and MEYER (+10.0%) led the gainers, while NNFM (-10.0%) and BERGER (-9.8%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 7.6% to NGN1,539.65/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 56bps to 31.6% despite inflows from FGN bond coupon (NGN57.73 billion).
Trading in the Treasury bills secondary market was bearish, as the average yield expanded by 9bps to 20.5%. Across the curve, the average yield pared at the short (-1bp) end due to demand for the 85DTM (-1bp) bill, but increased at the mid (+25bps) and long (+5bps) segments due to selloffs of the 127DTM (+134bps) and 190DTM (+74bps) bills, respectively. Similarly, the average yield expanded by 7bps to 23.7% in the OMO segment.
The Treasury bond secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield dipped slightly by 1bp to 18.5%. Across the benchmark curve, the average yield closed flat at the short and mid segments, but declined at the long (-2bps) end due to demand for the JUN-2053 (-20bps) bond.
