(Greenwich Merchant Bank): The Nigerian Equity market trended in a positive direction with the NGXASI and market capitalisation increasing by 1.23% to settle at 44,283.02 basis points and 24,119.77 million respectively. The rise in share price of DANGCEM (8.84%), NGXGROUP (1.25%), FBNH (1.01%) and BUAFOODS (0.72%) was responsible for the increase recorded in the market. Consequently, Year-To-Date stands at 3.67%.
Market sentiment was negative with volume and value traded decreasing by 15.28% and 66.15% to close at 146.44 million units and NGN1,358.57 million respectively. STERLNBANK had the highest volume traded while MTNN had the highest value traded. Market breadth closed negative at 0.41x owing to nine (7) advancers and twenty-two (22) decliners.
Bearish sentiments prevailed across the Banking sector (0.91%), Consumer Goods sector (0.18%) and Insurance sector (1.08%). While the Industrial sector (3.98%) and the Oil and Gas sector (0.21%) ended the day in positive territory.
Fixed Income Market
The fixed income market was generally calm. In the Bond market, only two instruments; 14-Mar-2024 (+2bps) and 17-Mar-2027 (+2bps) traded which led to the 1bp increase in the average yield. Specifically, average yield closed the day at 14.77% from 14.76% yesterday.
At the NT-Bills market average yields dropped by 1bp to settle at 10.97% as a reason of movements in the 09-Mar-2023 (-1bp), 11-May-2023 (- 1bp) and 08-Jun-2023 (-1bp) instrument.
Replicating the mood in the Nigerian Treasury bills market, average yield in the OMO market declined by 1bp to end the day at 10.87%. Across the curve all the listed benchmarked instrument declined by 1bp.
System liquidity continued its upward trend, improving significantly by 107.88% to close at NGN580.08bilion from NGN279.05billion. This resulted in a further decline in the Open Buy Back and Overnight rate by 0.66% and 0.83% to settle at 8.67% and 9.00%.
Once again, Naira depreciated at the CBN Official Sport rate, increasing by NGN0.08/USD to close at NGN439.37/USD, however it stood steady at NGN446.00/USD at the Invertors and Exporters Window.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
