…The treasury bills average yield contracted by 3bps to 19.3%.
…FGN bond secondary market traded on a bearish note, as the average yield pared by 1bp to 18.4%
MON MARCH 24 2025-theGBJournal| The domestic equities market closed higher Monday as optimism returned amidst a raft of Steller corporate earnings, and driven by bargain hunting in banking names, including GTCO (+6.5%), ZENITHBANK (+5.0%), and UBA (+2.7%).
The total volume of trade rose by 16.5% to 440.52 million units, valued at N10.47 billion, exchanged in 13,314 deals.
ZENITHBANK was the most traded stock by volume and value, at 55.06 million units and N2.61 billion, respectively.
Sectoral performance was mixed as the Banking (+3.8%), Oil & Gas (+0.4%), and Consumer Goods (+0.1%) indices advanced, while the Insurance (-1.5%) index closed lower. The Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was positive (1.2x), as 25 tickers gained relative to 21 losers. ROYALEX (+10.0%) and LIVESTOCK (+9.9%) led the gainers, while NEM (-9.6%) and UCAP (-9.3%) posted the most significant losses of the day.
Meanwhile, the naira firmed against the US dollar after suffering a 1.23% close of trading last Friday. The official FX rate rose by 0.9% to N1,532.50/USD.
However, concerns remain over the currency’s stability, raising questions
about the effectiveness of recent interventions in the market.
At the money market, the overnight lending rate declined by 7bps to 32.8% following inflows from FGN bond coupon (N600.19 billion).
Trading activities in the fixed income market was mixed with the Treasury bills secondary market closing on bullish note.
The treasury bills average yield contracted by 3bps to 19.3%.
Across the curve, the average yield contracted at the short (-3bps), mid (-3bps), and long (-3bps) segments, driven by the demand for the 45DTM (-3bps), 171DTM (-3bps), and 332DTM (-4bps) bills, respectively.
Similarly, the average yield contracted by 4bps to 22.5% in the OMO segment.
In contrast, the FGN bond secondary market traded on a bearish note, as the average yield pared by 1bp to 18.4%.
Across the benchmark curve, the average yield expanded at the mid (+5bps) segment due to the selloff of the APR-2032 (+15bps) bond but closed flat at the short and long ends.
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