…Treasury bills secondary market was bullish, as the average yield contracted by 10bps to 20.9%
TUE MAY 06 2025-theGBJournal| Nigerian stocks closed higher on Tuesday as bargain-hunting activities continued.
ETI (+10.0%) and NESTLE (+10.0%), MTNN (+9.16%), ARADEL (+7.58%) alongside GTCO (+2.24%) shares helped lift the market.
As a result the All-Share Index (ASI) ended the session on Tuesday 1.6% higher at 108,361.10 points with the Month-to-Date and Year-to-Date returns settling at +2.6% and +5.3%, respectively. Market capitalisation climbed by N1.04 trillion to close at N68.11 trillion.
The total volume of trades declined by 16.5% to 475.46 million units, valued at N13.90 billion, and exchanged in 17,575 deals.
ACCESSCORP was the most traded stock by volume at 103.92 million units, while GTCO was the most traded stock by value at NGN2.42 billion.
The Oil & Gas (+3.0%), Consumer Goods (+1.8%), Banking (+1.6%), and Industrial Goods (+0.1%) indices advanced while the Insurance (-1.6%) index declined.
As measured by market breadth, market sentiment was positive (1.7x), as 41 tickers gained relative to 24 losers. ETI (+10.0%) and NESTLE (+10.0%) led the gainers, while GUINEAINS (-8.7%) and DAARCOMM (-6.8%) recorded the most significant losses of the day.
The NASD OTC market, saw a marginal decline in activity, with daily NSI and market capitalisation shedding 20bps.
Trade volume however increased by 12.683% to 2.546 units and total value traded edged higher by 3.874% to N34.68mn signalling increased participation from investors.
The 320% increase in trade count suggests strong liquidity and sentiment in the market.
The official FX rate depreciated by 0.2% to N1,608/USD.
At the fixed icome arket, the Treasury bills secondary market was bullish, as the average yield contracted by 10bps to 20.9%. Across the curve, the average yield contracted at the short (-1bp), mid (-1bp) and long (-18bps) segments, following the demand for the 16DTM (-2bps), 170DTM (-1bp) and 247DTM (-106bps) bills, respectively. Conversely, the average yield expanded by 2bps to 27.0% in the OMO segment.
The FGN bond secondary market was quiet, albeit with a bullish undertone, as the average yield contracted by 2bps to 18.7%.
Across the benchmark curve, the average yield advanced at the short (+5bps) end, driven by the sell-off of the JAN-2026 (+24bps) bond, but contracted at the mid (-13bps) segment, due to buying interest in the APR-2032 (-47bps) bond. The average yield remained unchanged at the long end.
The overnight lending rate increased by 21bps to 27.2% in the absence of any significant funding pressure on the system.
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