TUE APRIL 29 2025-theGBJournal| Nigerian markets closed bearish on Tuesday despite a flurry of positive earnings result.
The NGX benchmark index, the All-Share Index fell 0.2% to 105,931.18 points, dragging market capitalisation down N116.28 billion to settle at N66.58 trillion.
MTNN (-6.1%), FIRSTHOLDCO (-0.20%) and INTBREW (-3.19%) shares tanked amid sell pressures. LIVESTOCK (-9.7%) and MULTIVERSE (-9.6%) posted the highest losses of the day.
Marginal gains were seen in GTCO (+1.19%) ACCESSCORP (+1.14%) and HONYFLOUR (+7.26%) shares.
The month-to-date and year-to-date returns moderated to +0.3% and +2.9%, respectively.
The total volume of trades increased by 46.4% to 733.05 million units, valued at NGN35.29 billion, and exchanged in 16,619 deals.
FIDELITYBK was the most traded stock by volume at 285.15 million units while MTNN was the most traded stock by value at N20.93 billion.
Sectoral performance was mixed as the Banking (+1.3%), Consumer Goods (+0.5%) and Oil & Gas (+0.1%) indices closed higher, while the Insurance (-0.5%) index declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.7x), as 33 tickers gained relative to 19 losers. LEGENDINT (+10.0%) and ABCTRANS (+9.9%) topped the gainers’ list, while LIVESTOCK (-9.7%) and MULTIVERSE (-9.6%) posted the highest losses of the day.
At the official FX rate, the naira relinquished its bounce against the U.S dollar, dropping 0.2% to N1,605/US$.
The drop reflects the uncertainty in the FX market despite huge effort by the Central Bank of Nigeria (CBN) to keep the currency sane.
Earnings highlights
-Aradel Holdings Plc sees 12.1% growth in crude oil production and revenue in excess of N199 billion in Q1-25
-Seplat Energy beats 1Q 2025 earnings estimates with higher Oben Gas Plant, production output. Its revenue was $809.3 million (N1,227.5 billion) up c.350% on prior year (1Q 2024: $180 million or N268.6 billion).
-Unilever Nigeria Plc (UNILEVER) reported an earnings per share of N0.97 (Q1-24: N0.58), driven by solid top-line growth (+45.4% y/y).
Meanwhile, the Treasury bills secondary market traded bullish, as the average yield contracted by 2bps to 20.8%.
Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-3bps) segments, driven by buying interest in the 86DTM (-1bp), 177DTM (-1bp) and 226DTM (-99bps) bills, respectively. Similarly, the average yield contracted by 2bps to 27.0% in the OMO segment.
Similarly, the FGN bond secondary market traded on a quiet note, albeit with a bearish tilt, as the average yield expanded by 1bp to 18.7%.
Across the benchmark curve, the average yield expanded at the short (+3bps) end, as investors sold off the APR-2029 (+10bps) bond, but was unchanged at the mid and long segments.
The overnight lending rate, on the other hand expanded by 7bps to 27.0% in the absence of any significant funding pressures on the system.
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