Negative sentiments persisted in the local bourse, as investors sold off Tier-1 banking stocks – ZENITHBANK (-1.3%) and ACCESS (-2.3%). Thus, the All-Share Index declined by 0.1% to 37,804.46 points, with Month-to-Date and Year-to-Date losses higher at -1.7% and -6.1%, respectively.

The total volume of trades decreased by 4.5% to 208.36 million units, valued at NGN1.60 billion, and exchanged in 3,365 deals. ZENITHBANK was the most traded stock by volume and value at 33.68 million units and NGN795.03 million, respectively.

Analysing by sectors, the Banking (-0.8%), Insurance (-0.5%), and Oil & Gas (-0.1%) indices declined. The Consumer Goods (+0.2%) index was the lone gainer, while the Industrial Goods index closed flat.
 

CURRENCY

The naira depreciated at the I&E window by 0.4% to NGN411.50/USD but stayed flat at NGN500.00/USD at the parallel market.

MONEY MARKET & FIXED INCOME

The overnight lending rate expanded by 175bps to 21.0% in the absence of significant inflows to the system.

The NTB secondary market closed flat, as the average yield was flat at 6.4%. Similarly, the average yield at the OMO segment closed flat at 9.7%.

Trading in the Treasury bond secondary market was mixed in anticipation of bond auction results, as the average yield stayed flat at 11.9%.