(Greenwich Merchant Bank): After sustaining a four days bearish stroke, the Nigerian equity market took a positive turn as the NGX-ASI and market capitalization grew by 0.01% to close at 49,445.31 points and NGN26,670.38 billion respectively. Increased buying pressures witnessed in top tickers like FBNH (5.00%) and ZENITHBANK (0.25%) attributed to the gains, hence, Year-to-Date return stood at 15.75%.
Likewise, market performance was positive as volume and value traded increased by 119.51% (147.55 million units) and 61.76% (NGN2,393.73 million) respectively. GTCO emerged as the highest volume traded with 35.82 million units whereas, MTNN took the spot of the highest traded value with NGN860.43 million at the end of the trading day. Market sentiment was negative as market breadth stood at 0.79x representing eleven (11) gainers and fourteen (14) laggers.
Performance across the sectors was driven by gains as the Oil and Gas sector (2.35%) Consumer goods sectors (0.05%), and Industrial sector (0.001%) closed positive while, the Banking sector (0.22%) and the Insurance sector
(0.15%) closed negative.
Fixed Income Market
All markets in the fixed income space traded calm in today`s session with yields across the curve remained unchanged from the previous day. Specifically, average yield in the Bond market maintained yesterday`s figure
of 13.08%.
One instrument had a 1bp decline at the NT-bills market, however had no impact in the overall performance of the market. Therefore, average yield stood steady at 7.45%.
At the OMO market, there was no movement across the curve which led to average yield closing the same as yesterday at 11.10%.
System liquidity bounced back to NGN128.17billion from NGN28.28billion. The Open Buy Back and Overnight rate moved in the same direction as System liquidity, increasing to 11.0% and 11.25% from 10.33% and 10.83%.
Naira at the Investors and Exporters window appreciated, moving from NGN436.50/USD to NGN436.25/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.