EQUITIES

Trading in the Nigerian equities market opened the week positive, following gains in DANGCEM (+5.7%), WAPCO (+9.6%) and some Tier 1 bank stocks. Thus, the All-Share index advanced by 1.5% to 24,783.61 points. Accordingly, Month-to-Date return was positive at +1.2%, while Year-to-Date loss moderated to -7.7%.

The total volume of trade declined by 2.41% to 169.998 million units, valued at N2.39 billion and exchanged in 4,336 deals. FLOURMILL was the most traded stock by volume and value at 30.47 million units and NGN518.06 million, respectively.

Across sectors, the Banking (+3.7%) and Industrial Goods (+3.3%) indices recorded gains, while the Oil & Gas (-5.7%), Insurance (-1.8%), and Consumer Goods (-0.32%) indices recorded losses.

Market sentiment, as measured by market breadth, was negative (0.8x), as 19 tickers declined, relative to 15 gainers. MANSARD (-10.0%) and UAC-PROP (-10.0%) were the top losers of the day, while UNITYBNK (+9.6%) and WAPCO (+9.6%) recorded the largest gains.

CURRENCY

The naira appreciated by 0.1% to NGN389.25/USD at the I&E window, while it weakened by 0.6% to NGN472.00/USD at the parallel market.

MONEY MARKET & FIXED INCOME

The overnight lending rate contracted by 32bps to 1.9%, as system liquidity remains healthy.
 
Trading in the NTB secondary market was mixed, as average yield was flat at 1.7%. On the other hand, average yield contracted by 16bps to 4.5% at the OMO secondary market.
 
Elsewhere, trading in the Treasury bond secondary market was bullish, as average yield contracted by 14bps to 7.1%. Across the curve, yield contracted at the short (-10bps), mid (-40bps) and long (-4bps) segments, following demand for the JAN-2026 (-55bps), MAR-2027 (-125bps) and MAR-2050 (-9bps) bonds, respectively.

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