Bamidele Famoofo
The local stock exchange opened this year’s trading session on a positive note, with the All-Share Index (ASI) increasing by 0.25 per cent to close at 103,180.14 points. This uptick added ₦154.7 billion to the market capitalization, raising it to ₦62.92 trillion and boosting the year-to-date (YTD) return to 0.25 per cent.
Sectoral performance was largely positive, with significant gains in banking (+0.27%), insurance (+9.50%), and consumer goods (+0.16%), while the oil & gas and industrial goods sectors recorded slight declines of 0.03 per cent and 0.16 per cent, respectively.
Market sentiment remained bullish, as 58 stocks advanced compared to 8 decliners. Among the top gainers were CUTIX, INTENEGINS, MANSARD, NCR, and ROYALEX, all gaining 10.00 per cent. In contrast, ELLAHLAKES, NASCON, CWG, FIDELITYBK, and INTBREW led the laggards.
Trading activity was robust, with trading volume and value surging by 89.55 per cent and 33.09 per cent, respectively, although the number of transactions declined by 85.95 per cent. Overall, 829.75 million shares worth ₦5.67 billion were traded across 11,752 transactions, with ROYALEX emerging as the leader in trading volume, exchanging 290.9 million shares valued at ₦318.6 million in 154 deals.
In the money market, the Nigerian Interbank Offered Rate (NIBOR) experienced downward movements across all maturities, signaling liquidity in the banking system.
However, the Open Repo Rate (OPR) fell by 0.61 per cent to 26.69 per cent, while the Overnight Lending Rate (O/N) decreased by 0.55 per cent to 27.25 per cent.
The Nigerian Interbank Treasury Bills True Yield (NITTY) fell across most maturities, while the average secondary market yield on Treasury bills moderated by 0.04% to settle at 25.51 per cent.
Trading activity in the secondary market for FGN bonds was subdued, resulting in a slight uptick in the average yield to 19.76 per cent. In Nigeria’s sovereign Eurobonds market, buy pressure across the short, mid and long ends of the yield curve led to a 6bps decrease in the average yield to 9.62 per cent.
In the foreign exchange market, the Naira depreciated by 0.36 per cent, closing at ₦1,541.36 per dollar in the official market. Meanwhile, in the parallel market, it ended the day at ₦1,655 per dollar.
Global oil prices climbed on Thursday at the start of the new year, with Brent Crude rising 1.57 per cent to $75.81 per barrel, and West Texas Intermediate (WTI) advancing 1.71 per cent to $72.95 per barrel.
