Equities

Local equities sustain bullish momentum

The local equities market started the week on a positive note, buoyed by price gains in GTCO (+6.35%), NB (+3.85%), and sustained buying momentum in INTBREW (+10.00%). As a result, the NGXASI advanced by 0.34% to close at 106,116.18 points, while market capitalization increased to N66.7 trillion. Market breadth was notably strong at 2.94x, with 47 gainers against 16 decliners. INTBREW (+10.00%) topped the gainers' chart, whereas LIVESTOCK (-10.00%) led the laggards.

Trading activity was mixed. Volume increased by 16.94% to 500.59 million units, while value trades declined by 39.97% to N12.1 billion. ACCESSCORP led the volume chart with 60.87 million units traded, while GTCO dominated the value chart with N2.2 billion worth of transactions.

Sectoral performance

Sectoral performance was broadly positive. The Consumer Goods index (+2.38%) was the top performer, driven by gains in NB (+3.85%) and INTBREW (+10.00%). The Banking index (+1.31%) also closed higher, lifted by positive sentiment in GTCO (+6.35%). Insurance (+0.32%) and Industrial Goods (+0.31%) indices followed suit, supported by WAPIC (+6.28%) and WAPCO (+2.10%), respectively. On the flip side, the Oil & Gas (-2.87%) and Commodity (-1.72%) indices declined, dragged by sell-offs in ARADEL (-9.86%).

Fixed Income

The secondary bond market opened the week on a cautious tone, with investors largely adopting a wait-and-see approach ahead of today's FGN bond auction result. The DMO offered a total of N350 billion across two reopened instruments: N200 billion for the APR 2029 bond and N150 billion for the FEB 2031 bond, resulting in the average yield closing flat at 19.02%.

Similarly, the secondary treasury bills market saw limited activity. However, selective interest at the long end of the curve drove yields lower by 5bps, bringing the average yield down by 4bps to close at 20.79%.

Money market

The money market remained highly liquid, supported by the inflow of N259.7 billion from FGN bond coupon payments. As a result, the OPR and O/N continued to hover around the 26.0% levels.

Currency

The Naira appreciated by 0.31% at the parallel market to close at N1,615.00/$, and 0.56% to print at N1,596.00/$ at the CBN NFEM window.

NASD

The NASD OTC market closed higher, with the NSI and market capitalization rising by 41bps each to 3,282.42 points and N1.9 trillion, respectively. Trading activity, however, was significantly muted, with volume and value declining by 99.98% and 99.76% to 692.88 thousand units and N22.61 million, respectively.

LBICPLC (+10.00%), GEFLUID (+10.00%), FCWAMCO (+7.86%), and UBNPROP (+4.76%) were the gainers in today's session, while MASSTCOM (-2.44%) emerged as the sole loser.

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

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