(Greenwich Merchant Bank): The Nigerian Equity market witnessed another decline driven by losses in the share prices of INTBREW (5.17%), ZENITHBANK (1.56%), ACCESSCORP (0.54%) and WAPCO (0.38%) which resulted in the NGX-ASI and market capitalisation losing 0.10% of its value to settle at 51,339.01 points and NGN27,685.05 million respectively. As a result, the Year-ToDate also dropped lower to 20.19%.
Market activity was bearish as volume traded decreased by 41.95% (115.41 million units) and value traded also declined by 44.77% (NGN1,205.92 million). TRANSCORP had the highest traded volume while ZENITHBANK ended the day with the highest market turnover. Market breadth however was bullish at 1.56x owing to fourteen (14) gainers and nine (9) losers.
Sectoral performance was weak as activities recorded across sectors was marginal. Banking sector (0.007%) and Consumer Goods sector (0.009%) closed in red while Insurance sector rose by 0.006%. Oil and Gas sector
(0.00%) and Industrial sector (0.00%) remained unchanged.
Fixed Income Market
The Bond market weakened for the second trading day as the average yield of instruments traded increased by 7bps to 11.74% from 11.66% propelled by further trading on the 27 April 2023 instrument which shed
another 65bps.
Trading in the N-Tbills market was largely quiet with the 26 January 2023 being the only actively traded instrument which increased by 71bps pushing the overall yield to 7.16% from 7.09%.
System liquidity retained a positive balance increasing by NGN83.06 million to NGN19.27 billion from NGN18.45 billion. However, this was not sufficient to the move the OBB and Over night rates which stood at
13.83% to 14.00%.
The Naira depreciated by NGN 0.05 at the Investors’ and Exporters Window (I&EW) to close at NGN 424.63/USD from NGN424.58/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
