- Naira gains 0.15% at official market, closes at ₦1,594.27 per dollar
The Nigerian equities market maintained its bullish momentum on Tuesday, with the All-Share Index rising by 0.49 percent to close at 96,510.13 points.
This upward trend signaled a decisive shift in market sentiment, as the bulls took firm control, evidenced by 49 gainers significantly outpacing just 14 losers. Investors capitalized on this positive momentum, pushing the market capitalization of listed equities to N55.44 trillion—an impressive gain of N271.61 billion for the day.
Sectoral performance was uniformly strong, with all sectors posting gains. The Oil and Gas sector led the charge with a 4.14 percent increase, followed by the Banking and Insurance sectors, which recorded gains of 1.45 percent and 1.30 percent, respectively.
The Consumer Goods and Industrial Goods sectors also posted modest gains of 0.45 percent and 0.04 percent. This widespread sectoral strength underscored the prevailing bullish sentiment across the market.
Trading activity was equally robust, with the total volume of shares traded surging by 13.48 percent to 443.16 million units, and the total value of transactions soared by 45.08 percent to N5.64 billion.
Share prices of stocks such as JBERGER, JOHNHOLT, NEIMETH, and TOTAL saw their share prices skyrocket by 10 percent each, contributing significantly to the overall market gain.
However, amid this strong performance, the number of total deals declined by 8.10 percent to 8,493 deals. VERITASKAP emerged as the most actively traded stock by volume, with a substantial 83.08 million units changing hands across 355 deals.
Meanwhile, Access Holdings (ACCESSCORP) led the market in terms of traded value, with transactions totaling N1.06 billion.
In the money market, NIBOR increased across tenors, reflecting tighter liquidity conditions. This shift followed the CBN’s efforts aimed at mopping up excess liquidity from the financial system through the OMO auction on Monday.
Likewise, key money market rates such as the Open Repo Rate (OPR) and Overnight Rate (O/N) increased by 73bps and 85bps to conclude at 25.70 percent and 26.35 percent, respectively. The Nigerian Interbank Treasury Bills True Yield (NITTY) saw declines across maturities. NITTY fell by 40bps, 38bps, 134bps, and 18bps for the 1-month, 3-month, 6-month, and 12-month periods. The secondary market for Nigerian Treasury Bills experienced bullish momentum, resulting in a 0.72 percent decrease in the average yield, bringing it down to 19.01 percent.
In the secondary market for FGN Bonds, trading activity pointed towards bullish sentiment, with the average yield decreasing by 12bps to close at 19.43 percent. In the Nigerian sovereign Eurobonds market, positive sentiment across segments of the yield curve led to a decrease in the average yield by 0.12 percent to 9.95 percent.
At the official NAFEM market, the naira appreciated by 0.15 percent, closing at ₦1,594.27 per US dollar. However, In the parallel market, the naira depreciated by 0.31 percent to close at ₦1,610 per dollar.
