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Profit-takers rattle Nigerian Equities as downward trend remains

The Nigerian equities market continued its downward trend as profit-taking activities in GEREGU (-6.5%) and ZENITHBANK (-4.6%) caused a 0.5% decline in the All-Share Index to 55,490.20 points. Accordingly, the Month-to-Date loss increased to -0.6%, while the Year-to-Date gain moderated to +8.3%.
The total volume traded declined by 9.1% to 181.19 million units, valued at NGN3.41 billion, and exchanged in 3,908 deals. GTCO was the most traded stock by volume and value at 33.85 million units and NGN841.95 million, respectively.
On sectors, the Banking (-2.0%) and Consumer Goods (-0.3%) indices declined, while the Industrial Goods and Oil & Gas indices closed flat. The Insurance (+0.4%) index was the sole gainer for the day.
As measured by market breadth, market sentiment was negative (0.6x) as 19 tickers lost relative to 11 gainers. UCAP (-9.3%) and UPL (-7.5%) recorded the most significant losses of the day, while PRESTIGE (+7.9%) and VERITASKAP (+5.0%) topped the gainers’ list.

CURRENCY
The naira appreciated by 0.1% to NGN461.09/USD at the I&E window.

MONEY MARKET & FIXED INCOME
The overnight lending rate was unchanged at 11.0%, as the system liquidity closed at a net long position (NGN588.39 billion).
The Treasury bills secondary traded in a lull, as the average yield was unchanged at 4.4%. Similarly, the average yield closed flat at 3.0% in the OMO segment.
Trading in the FGN bond secondary market was bearish, as the average yield expanded by 3bps to 12.8%. Across the benchmark curve, the average yield expanded at the short (+8bps) end due to profit-taking activities on the MAR-2027 (+40bps) bond but closed flat at the mid and long segments.

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