(Greenwich Merchant Bank): Investors optimism were sustained as the NGX-ASI and Market capitalization sustained further to rise by 0.93% to settle at 51,700.36 points and NGN 28.15billion respectively. This is attributed to the rise in price of major tickers like AIRTELAFRI (5.16%), ROYALEX (5.88%), UCAP (4.90%) and WAPIC (4.65%) hereby settling YTD at 0.88%.
Market activity was however mixed as volume traded ticked upwards by 15.86% to rest at 220.73 million units whereas, value traded depreciated by 63.06% to rest at NGN6.87 billion respectively. STERLNBANK remained the most traded stock with a volume of 85.177 million units, while AIRTELAFRI had the highest turnover with NGN 1.02 trillion.
Market sentiment was negative as market breadth came in at 0.88x, resulting from sixteen (16) laggers and eighteen (18) gainers.
Performance across sector was negative as the Banking Sector (1.31%) and Insurance Sector (0.70%) closed red. The Consumer Goods Sector (0.08%) closed green singly. While the Oil & Gas and Industrial Sector (0.00%) both closed flat.
Fixed Income Market
Sentiments in the Nigerian Treasury bills market was dominantly bullish during today’s trading session. Activities were largely muted on the mid-term securities as yields on those instruments remain unchanged. However, investors sustained positive sentiment on the short- and long-term instruments as yields trended lower.
Ultimately, average yield declined to 2.93% from 3.31% recorded in the previous trading session.
OMO market maintained its calm atmosphere, as yields across the curve had nil movement. Once again, the average yield stood at 3.36%.
Due to the enormous CRR debit, system liquidity dropped by 72.50% to close at NGN370.18billion from NGN1,346.27billion. This led to the significant rise in the Open Buy Back and Overnight rate by 2.83% and 3.67% to close at 10.17% and 10.83% apiece.
In the bond market space, the bears outperformed the bulls. Sell-offs on debt instruments were pronounced on instruments at the longer end of the curve. By implication, average bond yield increased by 0.03% from 13.02% to 13.05% after the trading session.
Exchange rate at the Investors & Exporters Window remained pegged at NGN461.67/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
