The equity market extend its bearish trend for the third consecutive trading day, fuelled by losses to MTNN (-4.65%), and DANGCEM (-2.49%).
The All-Share Index (ASI) and market capitalization declined by -0.81% to close at 39,114.73 points and N20.47 trillion respectively.
Today’s loss expands the year-to-date loss of the market to –2.87%.
The oil and gas index was the best performing index, up by 6.58% while the premium index led the laggards, down by 2.00%.
Total volume and value traded appreciated by 15.43% and 37.37% respectively to close at 403.51 million units valued at N4.81 billion in 4,342 deals.
The lull in the treasury bills market continued today as yields traded flat.
In the Bonds Market, yields remain fired up at the belly of the curve – Feb. 2028 (20bps), Mar. 2027 (17bps). April 2029 closed as the worst-performing Bond (23bps) while April 2049 closed as the best performing (-4bps).
MTNN Communications successfully completed the issuance of its N110 billion Series 1 7-Year Bond, issued at 13% and due 2028.
The Issue was oversubscribed by 132%, indicating that it was well received by Investors. The proceeds of the issue will be used to fund the roll-out of critical network infrastructures and refinance the company’s existing stock of debt.