The Nigerian equities market continued to experience bearish sentiment as profit-taking activities in MTNN (-3.0%) outweighed bargain hunting in FBNH (+9.1%). Consequently, the Nigerian Exchange Group All Share Index (NGX ASI) declined by 0.1% to close at 104,553.31 points. Month-to-date (MTD) and year-to-date (YTD) returns further reduced to +4.6% and +39.8%, respectively.
Trading activity saw an increase in total volume, rising by 6.8% to 307.05 million units valued at NGN7.59 billion, exchanged in 9,548 deals. FBNH emerged as the most traded stock by volume and value at 37.81 million units and NGN1.57 billion, respectively.
Sectoral performance was predominantly positive, with the Banking (+1.1%), Insurance (+0.6%), Consumer Goods (+0.2%), and Industrial Goods (+0.1%) indices advancing. However, the Oil & Gas index closed flat.
Market breadth reflected positive sentiment (1.1x), with 25 gainers against 23 losers. INTENEGINS (+10.0%) and INTBREW (+9.9%) recorded significant gains, while DAARCOMM (-9.9%) and CWG (-9.1%) led the losers’ list.
In the currency market, the naira appreciated by 0.8% to NGN1,560.57/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the money market, the overnight lending rate contracted by 170 basis points to 28.8% due to the absence of significant inflows.
In the fixed income market, T-bills traded with bullish sentiments, leading to a 6-basis point contraction in the average yield to 18.5%. Similarly, the Treasury bond market saw bearish activity, with the average yield advancing by 13 basis points to 18.5%.
Overall, while the equities market faced bearish pressure, positive sentiment prevailed in trading volumes and sectoral performance. The currency and fixed income markets also experienced mixed movements, reflecting the ongoing volatility in the Nigerian financial landscape.
