(Greenwich Merchant Bank): The Nigerian Equity market trended in a positive direction with the NGXASI and market capitalisation increase by 1.47% and 0.04% to settle 50,075.47 basis points and 27,009.11 billion respectively. The rise in share price of DANGCEM (9.96%), AFRIPUD (5.45%), CHAMS (7.41%) and MAYBAKER (8.68%) was responsible for the increase recorded in the market.
Consequently, Year-To-Date stands at 17.23%. Market sentiment was also positive with volume and value traded increasing by 98.58% and 30.14% to close at 279.22 million units and NGN2,082.37 million respectively. JAIZBANK had the highest volume traded while FBNH had the highest value traded. Market breadth closed positive at 2.0x owing to twenty (20) gainers and ten (10) losers.
Bullish sentiments prevailed across the sectors as the Banking sector (0.42%), Consumer Goods sector (0.33%), Industrial sector (4.35%), Insurance sector (1.91%) and the Oil and Gas sector (0.06%) ended the
day in positive territory.
Fixed Income Market
Sell offs in the 23-Mar-25(+27bps) and 23-Feb-28(+72bps) swayed the performance in the Bond market while other instruments in the market closed the same figure as the previous day. This led to the 8bps increase
in average yield to settle at 12.77%.
The 2.95% increase in the 9-Feb-23 instrument determined the overall movement at the NT-bills market. Specifically, average yield rose up to 7.81%, a 33bps difference from yesterday. Due to the maturing of the 16-Aug-22 instrument in the OMO market, average yield closed down by 73bps to settle at 10.39%. Other
instruments in the market had little or no gains.
System liquidity reversed movement to close at a positive close of NGN19.53 billion from a negative balance of NGN81.86billion due to increase in Repurchase Agreement (Repo). This resulted in decline of open-buy-back and overnight rate to 14.67% and 14.83% from 14.83% and 15.00%.
The Naira in the I&E window appreciated further by NGN1.00/USD to close at NGN429.00/USD from NGN430.00/USD
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.