The Nigerian equities market reversed its two-day consecutive decline and traded positively, as buying interest in MTNN (+0.2%) drove the All-Share Index higher by 0.1% to close at 47,364.46 points. Consequently, the Month-to-Date return settled at -0.1%, while the Year-to-Date return increased to +10.9%.
The total volume of trades declined by 20.4% to 145.83 million units, valued at NGN2.54 billion, and exchanged in 4,113 deals. UBA was the most traded stock by volume at 14.76 million units, while MTNN was the most traded stock by value at NGN458.93 million.
Analysing by sectors, the Insurance (+1.2%) and Consumer Goods (+0.2%) indices recorded gains, while the Banking (-0.6%) index was the sole gainer. On the other hand, the Oil & Gas and Industrial Goods indices closed flat.
As measured by market breadth, market sentiment was positive (1.2x) as 18 tickers gained relative to 15 losers. NPFMCRFBK (+10.0%) and PZ (+9.8%) recorded the highest gains of the day, while ROYALEX (-9.7%) and LIVESTOCK (-9.7%) topped the losers’ list.
CURRENCY
The naira was flat at 416.50/USD at the I&E window.
MONEY MARKET & FIXED INCOME
The overnight lending rate expanded by 17bps to 5.2% in the absence of any significant funding pressure on the system.
Trading in the NTB secondary market was bullish, as the average yield contracted by 18bps to 3.1%. Across the curve, the average yield contracted at the short (-28bps), mid (-32bps), and long (-3bps) segments, following buying interests in the 85DTM (-138bps), 106DTM (-107bps) and 316DTM (-22bps) bills, respectively. Elsewhere, the average yield was flat at 3.8% in the OMO segment.
Activities in the Treasury bond secondary market ended the day mixed, as the average yield was unchanged at 10.4%. Across the benchmark curve, the average yield contracted at the short (-1bp) end as investors demanded the APR-2023 (-2bps) bond; but inched higher at the long (+1bp) end, following profit-taking on the APR-2049 (+12bps) bond. Conversely, the average yield was flat at the mid segment.
