…The overnight lending rate increased by 110bps to 28.5% in the absence of any significant funding pressures on the system.
…The Treasury bills secondary market was also bullish, as the average yield contracted by 2bps to 20.9%.
TUE MAY 13 2025-theGBJournal| Nigerian stocks joined the global rally on Tuesday and the local currency, the naira firmed slightly as investors regain confidence after digesting latest positive World Bank Nigeria Development Update (NDU) report.
The benchmark NGX All-Share Index rallied 0.5% to 108,762.60 points dragging along market capitalization which closed at N68.357 trillion on Tuesday.
TRANSCORP (+10.0%) and OANDO (+10.0%), TRANSCOP (+9.99%), FIDELITYBK (+7.14%) were among the big climbers.
The Month-to-Date and Year-to-Date returns improved to +2.8% and +5.7%, respectively.
The total volume of trades increased by 20.2% to 498.48 million units, valued at N10.78 billion, and exchanged in 14,916 deals.
TANTALIZER was the most traded stock by volume at 57.80 million units, while GTCO was the most traded stock by value at N2.19 billion.
Analysing by sectors, the Consumer Goods (+1.7%), Insurance (+0.9%) and Banking (+0.2%) indices advanced while the Industrial Goods (-0.6%) and Oil & Gas (-0.2%) indices declined.
As measured by market breadth, market sentiment was positive (1.6x), as 39 tickers gained relative to 24 losers. OANDO (+10.0%) and CHELLARAM (+10.0%) led the gainers, while HMCALL (-9.9%) and ACADEMY (-7.3%) recorded the most significant losses of the day.
At the FX market, the naira firmed slightly against the dollar, data from the Central Bank of Nigeria (CBN) showed. It climbed at the official market by 0.9% to N1,597/US$1 compared to N1,610 on Monday.
At the fixed income market, bullish sentiments was dominant at the FGN bond secondary market.
The FGN bond average yield contracted by 2bps to 18.7% while across the benchmark curve, the average yield contracted at the short (-2bps) and mid (-5bps) segments, driven by buying interest in the JAN-2026 (-9bps) and JUL-2034 (-27bps) bonds, respectively, but was unchanged at the long end.
The Treasury bills secondary market was also bullish, as the average yield contracted by 2bps to 20.9%.
Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-2bps) segments driven by demand for the 86DTM (-2bps), 177DTM (-1bp) and 310DTM (-39bps) bills, respectively.
Similarly, the average yield contracted by 2bps to 26.8% in the OMO segment.
Meanwhile, the overnight lending rate increased by 110bps to 28.5% in the absence of any significant funding pressures on the system.
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