(Greenwich Merchant Bank): Selling pressures in major tickers such as NGXGROUP(4.55%), WAPCO (4.20%), STANBIC(3.03%), ZENITHBANK(2.33%) and FBNH(0.47%) drove the NGX-ASI and Market capitalization down by 0.11% to settle at 49,991.41 points and NGN26,964.47billion respectively. Hence, the Yearto-Date dropped to 17.03%.
Market sentiment was bearish as volume and value traded depreciated by 16.17% (200.92 million) and 45.98% (NGN1,445.79million) respectively. STERLNBANK and MTNN retained the position of the highest traded volume and value with 90.90million units and NGN252.47million respectively.
Market breadth was negative at 0.69xx representing eleven (11)gainers and sixteen (16) laggers.
Performance across sectors recorded more gains than losses as the Banking sector (0.91%), Insurance sector (0.07%), and Industrial Sector (0.35%) closed with positive returns while the Consumer Goods sector (0.54%) recorded a loss with the Oil & Gas sector (0.00%) unchanged.
Fixed Income Market
Bullish sentiment overshadowed the sentiments in Bond market, with only one (18-April-2037) instrument closing bearish and notably emerged as the instrument with the highest movement of 22bps to settle at 13.68% from 13.46%. Subsequently, average yield in the market closed down by 1bp to end the day at 13.14% from 13.15%.
All instruments in the OMO market closed down by 1bps, leading to a 1bps decline in the average yield to close at 11.15% from 11.16%.
However, at the NT-bills market, fewer instruments closed down by 1bp while others remained flat. The movement in these instruments had no impact in the average performance of the market as average yield stood
steady at 7.82%.
System liquidity opened the week down by 71.36% to close at NGN112.41billionup leading to a rise in the Open Buy Back and Overnight rate to close at 12.67% and 13.17% from 12.00% and 12.50%.
The depreciation continues at the Investors and Exporters Window, as exchange rate moved to NGN434.75/USD from NGN431.50/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.