EQUITIES
The local bourse kicked off the week on a positive note as gains in OANDO (+5.9%) and ARADEL (+9.1%) caused a 0.6% increase in the benchmark index to 99,922.63. Accordingly, the Month-to-Date and Year-to-Date returns settled at +2.5% and +33.6%, respectively.
The total trading volume increased by 36.1% to 740.89 million units, valued at NGN16.88 billion, and exchanged in 10,427 deals. STERLINGNG was the most traded stock by volume at 196.97 million units while ARADEL was the most traded stock by value at NGN8.40 billion.
Sectoral performance was mixed as the Consumer Goods (+1.2%) and Industrial Goods (+0.1%) indices gained, while the Insurance (-1.0%) and Banking (-0.1%) indices declined. The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was positive (1.4x), as 34 tickers gained relative to 25 losers. ROYALEX (+10.0%) and LIVINGTRUST (+10.0%) led the gainers, while UPL (-9.8%) and HMCALL (-9.6%) recorded the highest losses of the day.
CURRENCY
The naira appreciated by 0.2% to NGN1,546.00/USD in the Electronic Foreign Exchange Matching System (EFEMS).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 10bps to 32.8% following inflows from FGN bond coupon (NGN9.52 billion).
Proceedings in the Treasury bills secondary market were bullish as the average yield declined by 5bps to 25.7%. Across the curve, the average yield declined at the short (-5bps), mid (-5bps), and long (-6bps) segments, driven by demand for the 80DTM (-6bps), 129DTM (-6bps), and 339DTM (-6bps) bills, respectively. Similarly, the average yield declined by 6bps to 27.2% in the OMO segment.
The FGN bond secondary market was quiet as the average yield inched higher by 2bps to 19.2%. Across the benchmark curve, the average yield increased at the short (+2bps) and mid (+6bps) segments, driven by sell pressures on the JAN-2026 (+6bps) and FEB-2031 (+17bps) bonds, respectively. The average yield closed flat at the long end.
