(Greenwich Merchant Bank): Local Bourse closed the week bullish as the NGX-ASI and Market Capitalization increased by 0.40% to close at 54,213.09 points and NGN29.52 trillion respectively.
The increase was due to the reported buying interest in HONYFLOUR 5.19%, CUTIX 7.00%, NNFM 9.55%, MRS 9.94% and REDSTAREX 10.00%. Consequently, Year-to-Date, the index increased to 5.78%.
Market sentiment was bearish as volume and value traded declined by 90.66% and 70.82% to close at 268.02million units and N2,354.40million. In addition, UNIVINSURE had the highest volume trade while GTCO had the highest value traded.
On the other hand, market breadth was positive at 3.2x due to the gains recorded in Thirty-two (32) stocks while Ten (10) counters depreciated in price.
The sectoral performance was broadly green due to gains from the Banking 1.06%, Insurance sector 0.31%, Oil & Gas 0.17% and Industrial goods 0.04%. While the Consumer Goods sector lost by (0.39%).
Fixed Income Market
The system liquidity closed trading activities at a positive balance of N958.23billion for the week. Nevertheless, the Open Buy Back and Overnight rate increased from 10.75% and 10.88% to close at 10.88% and 11.06% respectively.
On the other hand, average yield in the NTBills market increased by 8bps to end the week at 1.84%.
Furthermore, trading activities at the Bond market was bearish as a result of the selloffs reported. Hence, leading to average yield increasing by 8bps to 13.67% from prior closing rate of 13.59%.
The Naira exchange rate, at the Investors and Exporters Window, appreciated by NGN0.50/USD from NGN462.00/USD to N461.50/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
