Equities

ASI rebounds 22bps

Bullish sentiment resurfaced on the local exchange, snapping a six-day losing streak, as the ASI gained 0.22% to close at 97,123.61 points. Market capitalisation expanded by N130.79 billion to settle at N58.85 trillion. This positive turn was driven primarily by strong performance in heavyweight banking tickers UBA (+9.87%), ZENITHBANK (+5.78%), and ACCESSCORP (+4.89%), which offset bearish pressure in OANDO (-9.98%). Market sentiment remained largely positive, with breadth at 1.26x, as 26 gainers outpaced 21 laggards. Leading the gainers was CONOIL (+9.93%), while OANDO (-9.98%) led the laggards.

Market activity also saw a boost, with volume and value traded surging by 194.37% and 79.64%, respectively, to settle at 3.60 million units traded, valued at N25.57 billion. UBA led both volume and value charts, as 201.96 million units traded (5.61% of total volume) worth N6.74 billion (26.35% of total value) exchanged hands.

Mixed Sectoral Performances

Sectoral performances were mixed, with two major indices closing in green and the other three in red. Leading the bulls was the Banking (+3.16%) sector, driven by a strong performance in UBA (+9.87%). The Oil and Gas (1.55%) index followed suit due to bullish sentiments in CONOIL (+9.93%). Conversely, the Consumer Goods (-0.05%), Industrial (-0.06%), and Insurance (-1.33%) indices slipped due to selloffs in NB (-3.57%), WAPCO (-1.04%) and VERITASKAP (-6.25%), respectively.

Bonds

It was a quiet day in the FGN secondary bond market, with modest bearish activity at the short-end and mid-segment of the curve, notably on the MAR 25 (+5bps), APR 32 (+13bps), and JUN 33 (+5bps) bonds. Consequently, average yields edged up by 1bp to close at 19.46%.

Money market

Today, the CBN held an OMO auction, offering N300 billion across standard maturities. Continuing recent trends, demand focused on the long end, with subscriptions totalling N1.45 trillion, resulting in a bid-to-offer ratio of 4.83x. The CBN matched this demand, with sales concluded at a stop rate of 24.28%.

Interbank rates"”OPR and O/N"”surged by 10.23ppts and 10.34ppts, respectively, to settle at 29.45% and 30.03%, as CRR and OMO auction debits tightened system liquidity, driving rates higher.

Kindly click here for the summary of activities in the market today.

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