March 24, 2026/Cordros Report
EQUITIES
Bullish sentiments resurfaced in the domestic bourse as gains in AIRTELAFRI (+10.0%), GTCO (+5.7%), PRESCO (+5.8%) and TRANSCORP (+3.9%) spurred a 0.9% increase in the NGX ASI to 200,705.88 points. Consequently, the Month-to-Date and Year-to-Date returns settled higher at +4.1% and +29.0%, respectively.
The total volume traded advanced by 52.2% to 1.2 billion units, valued at NGN65.33 billion, and exchanged in 89,949 deals. ACCESSCORP was the most traded stock by volume at 266.79 million units, while GTCO was the most traded stock by value at NGN19.39 billion.
Sectoral performance was broadly positive as the Insurance (+2.1%), Consumer Goods (+0.5%) and Banking (+0.5%) Indices closed higher, while Industrial Goods and Oil & Gas Indices closed flat.
As measured by market breadth, market sentiment was positive (1.5x), as 35 tickers gained relative to 23 losers. JOHNHOLT (+10.0%) and AIRTELAFRI (+10.0%) posted the most significant gains of the day, while NPFMCRFBK (-6.3%) and ROYALEX (-5.3%) led the laggards.
CURRENCY
The official FX rate appreciated by 0.3% to NGN1,380.00/USD.
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 1bp to 22.3%, in the absence of any funding pressures on the system.
Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 2bps to 17.8%. Across the curve, the average yield contracted at the short (-4bps) and mid (-4bps) segments, due to the demand for the 86DTM (-26bps), 170DTM (-17bps) bills, respectively, but remained unchanged at the long end. Meanwhile, the average yield contracted by 10bps to 20.5% in the OMO segment.
The FGN bond secondary market traded on a bearish note as the average yield expanded by 4bps to 14.8%. Across the benchmark curve, the average yield expanded at the short (+7bps) and mid (+10bps) segments, driven by sell pressures on the AUG-2030 (+20bps) and APR-2032 (+22bps) bonds, respectively. The average yield remained unchanged at the long end.
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