(Greenwich Merchant Bank): The Local bourse recovered significantly as the NGX-ASI and market capitalisation recorded an increase of 1.71% to close at 52,215.12 points and NGN28,157.50 billion respectively. WEMABANK (10.00%), AIRTELAFRI (10.00%), GTCO (1.21%) and ZENITHBANK (0.45%) contributed to the growth witnessed in the market today. Consequently, Year-To-Date moves up to 22.24%.
Market activities were also bullish as volume traded increase by 64.71% to settle at 190.10 million units while total market turnover also increased considerably by 242.43% to NGN4,129.44 million. CAVERTON had the highest volume traded while MTNN was the highest value traded equity.
Market breadth was negative at 0.91x with to twenty (20) gainers and twenty-two (22) laggers.
Performance across sectors was broadly positive as the Banking sector (0.09%), Consumer Goods sector (0.33%), Insurance sector (0.51%) and Oil and Gas sector (0.06%) all recorded growth while Industrial sector (1.87%) closed in negative territory.
Fixed Income Market
System liquidity reversed its positive trend of NGN19.27 billion to a negative balance of NGN-276.90 Billion largely due to an outflow from the Standing Lending Facility of NGN-233.11 billion. This resulted in the OBB rate moving from 13.88% to 13.83% while the Overnight rate remained at 14%.
Positive sentiments prevailed in the NT-bills space with buying interest in the 11-August 2022 and 13 October 2022 instruments as yields decreasing by 0.01% apiece resulting in the overall yield moving from 7.16% to 7.15%.
Average Bond yield increased by 0.06% from 11.74% to 11.79% with sell pressure shifting to 17-March 2027 and 28 November 2028 instruments with an increase of 0.53% and 0.37% respectively.
The Naira depreciated at the Investors’ and Exporters’ Window (I&EW) to close at NGN430.33/USD from NGN424.33/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
