(Greenwich Merchant Bank): The Nigerian equities market witnessed a marginal decline of 0.01% as the NGX-ASI and market capitalisation settled at 49,657.33 points and NGN26,783.58 billion respectively. The decline was attributed to losses recorded in equities like PRESCO (9.97%), FBNH (2.27%), UBA (0.71%) and GTCO (0.25%). As a result, Year-To-Date drops down to 16.25%.
Market sentiment was mixed as volume traded recorded a decline of 22.39% (210.84 million units) while total market turnover increased by 11.68% (NGN2,187.61 million). ETRANZACT remained the equity with the
highest volume traded while GTCO had the highest value traded. Market breadth was negative at 0.71x owing twelve (12) gainers and seventeen (17) losers.
Performance across sectors was mixed as Industrial sector (0.17%) and Banking sector (0.14%) gained while the Oil & Gas sector (0.36%) and Consumer Goods sector (0.59%) closed negative. Insurance sector
Fixed Income Market
The Bond market opened the week quiet as yields across the curve settled the same figure as yesterday. Only one instrument moved (1bp decline) which was insignificant and not enough to sway the average performance of the market. This led to the average yield figure maintaining status quo at 12.89%.
Bearish sentiments was witnessed in the NT-bills and OMO market as all the yields listed in the markets closed up due to selling pressures. The 02- May-2023 instrument emerged as the most sold in the NT-bills market with 60bps, while the 09-Mar-2023 instrument closed the highest at the OMO market by 78bps.
Specifically, average yield in the market rose to 8.07% and 11.18% from 7.78% and 10.63% respectively. System liquidity resumed weaker at a negative balance of NGN38.03billion from a negative balance of NGN3.65billion leading to a 2.0% and 1.50% rise in Open Buy Back and Overnight rate.
Elsewhere, Naira depreciated at the Importers and Exporters Window to close at NGN430.00/USD from NGN429.63/USD
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.