(Greenwich Merchant Bank): The Nigerian equity market continued its positive trajectory as the All-Share Index and Market capitalization increased by 0.50% to close at 51,962.85 points and NGN 28.01 trillion respectively. Gains recorded in the shares price of OKOMUOIL (8.53%), FBNH (3.32%), MTNN (2.13%), UNILEVER (2.07%), ZENITHBANK (0.23%) contributed to the favorable performance as the YTD rose to 21.65%.
Market activities were favourable as volume and value of trades executed during the day increased by 29.39% (201.61 million units) and 38.23% (NGN 2.52 billion) respectively. TRANSCORP was the most traded equity by volume with 31.80 million units, while SEPLAT emerged as the highest equity traded by value with NGN414.97 million. Sentiment shared across the market was also positive as the market breadth was recorded as 1.13x representing eighteen
(18) gainers and sixteen (16) laggers.
Performance across sector was mixed as the Banking sector (0.51%) Oil and gas sector (0.12%), and Insurance sector (1.50%) closed with gains whereas, Consumer goods (-0.49%) recorded a negative return with the Industrial sector (0.00%) unchanged.
The fixed income space was quite active as average yield in the Bond market closed the day 3bps higher than Friday`s close. Selling interests were crowded at the short and long end of the curve while the mid end closed flat.
Meanwhile, the Nigerian Treasury Bills market was bearish with average yield closing 23bps higher than the previous trading day to close at 4.89%. System liquidity reduced drastically from a negative balance of NGN445.44billion to a negative balance NGN4.99billion. The Open Buy Back rate reduced to 13.75% from 14.00%, however, the Overnight rate closed at 14.00% for the third day in a row.
The OMO market maintained similar sentiment with the previous trading day, closing at an average yield of 5.14% for the third consecutive trading session.
The exchange rate at the Investors’ and Exporters’ Window (I&EW) hinged upward by 88bps to close at NGN421.00/USD from NGN420.13/USD
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.