WED MAY 07 2025-theGBJournal| The Benchmark All-All-Share Index rose on Wednesday, the fourth consecutive rally, buoyed by buying interest in banking stocks, including GTCO (+3.9%), ETI (+9.9%), and ZENITHBANK (+2.1%).
The Index was up by 0.5% to 108,849.83 points, bringing the Month-to-Date and Year-to-Date returns to +3.0% and +5.8%, respectively.
The total volume traded increased by 23.6% to 587.47 million units, valued at NGN18.66 billion, and exchanged in 17,496 deals.
GTCO was the most traded stock by volume and value at 98.64 million units and NGN6.57 billion, respectively.
Sectoral performance was mixed, as the Banking (+2.1%), Consumer Goods (+2.1%), and Industrial Goods (+0.2%) indices advanced, while the Insurance (-0.2%) and Oil & Gas (-0.2%) indices declined.
As measured by market breadth, market sentiment was positive (3.0x), as 48 tickers gained relative to 16 losers. MEYER (+10.0%) and UPDCREIT (+10.0%) led the gainers, while DEADCAP (-10.0%) and VERITASKAP (-9.1%) posted the most significant losses of the day.
At the currency market, the naira fell further against the safe-haven dollar as demand pressures rises. At the official market, the naira crashed by 0.4% to N1,615.00/US$1.
The NTB secondary market closed bullish on Wednesday also, with the average yield down by 2bps to 20.9%.
Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-3bps) segments, driven by the demand for the 92DTM (-1bp), 169DTM (-1bp) and 288DTM (-18bps) bills, respectively. Similarly, the average yield declined by 11bps to 26.8% in the OMO segment.
Meanwhile, the Treasury bond secondary market traded on a bearish note, as the average yield expanded by 2bps to 18.7%.
Across the benchmark curve, the average yield expanded at the short (+1bp), mid (+2bps) and long (+2bps) segments, driven by sell pressures on the JUL-2030 (+6bps), FEB-2031 (+9bps) and APR-2037 (+15bps) bonds, respectively.
The overnight lending rate contracted by 22bps to 27.0% in the absence of any significant inflows into the system.
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