The local bourse extended yesterday’s loss in today’s session as selloffs in banking tickers — STANBIC (-3.3%), ZENITHBANK (-1.6%), and GTCO (-1.7%) persisted. Thus, the All-Share Index dipped by 0.1% to close at 48,836.70 points. Accordingly, the Month-to-Date and Year-to-Date returns printed -0.4% and +14.3%, respectively.
The total volume traded declined by 21.9% to 135.52 million units, valued at NGN2.22 billion, and exchanged in 4,041 deals. CHAMS was the most traded stock by volume at 25.50 million units, while the newly listed GEREGU was the most traded stock by value at NGN935.00 million.
Sectoral performance was mixed, as the Banking (-1.0%), Consumer Goods (-0.2%), and the Oil & Gas (-0.1%) indices recorded losses, while the Industrial Goods index closed flat. The insurance (+0.2%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.5x) as 22 tickers lost relative to 12 gainers. CADBURY (-9.9%) and NNFM (-9.3%) recorded the highest losses of the day, while GEREGU (+10.0%) and MULTIVERSE (+9.9%) topped the gainers’ list.
CURRENCY & MONEY MARKET & FIXED INCOME
The naira depreciated by 0.1% to NGN437.50/USD at the I&E window. The overnight lending rate was flat at 16.8%, as the system liquidity settled at a net long position (NGN352.75 billion).
Trading in the NTB secondary market was quiet, as the average yield was unchanged at 7.2%. Similarly, the average yield remained flat at 10.3% in the OMO segment.
Proceedings in the Treasury bond secondary market remained bearish, as the average yield expanded by 14bps to 13.5%. Across the benchmark curve, the average yield expanded at the short (+19bps), mid (+10bps), and long (+13bps) segments due to selloffs of the MAR-2027 (+66bps), APR-2032 (+21bps), and MAR-2035 (+52bps) bonds, respectively. [Cordros]
