(Greenwich Merchant Bank): The Nigerian equities market ended the week with a commendable gain of 1.42% to close the NGX-ASI and market capitalisation at 50,370.25 point and NGN27,162.64 billion respectively after eight (8) consecutive losses.
The gains in the share price of ZENITHBANK (9.52%), UACN (8.74%),NGXGROUP (5.88%), MTNN (5.32%) and GTCO (5.02%) contributed to
the recovery of the market. Hence, the Year-to-Date increased to 17.92%.
Market sentiment was mixed as volume traded increased by 23.55% (254.77 million units) while value traded recorded a decline of 28.29 (NGN2.811.46 million). ZENITHBANK had the highest volume traded while FLOURMILL had the highest market turnover.
Market breadth was positive at 1.92x with twenty-five (25) gainers and thirteen (13) losers.
Sectoral performance was bullish with the Banking sector (6.60%) gaining the most while Industrial sector (0.24%), Insurance sector (0.91%), Consumer Goods sector (0.22%) and Oil & Gas sector (0.06%) also recorded growth.
Fixed Income Market
Investor’s cherry pick instruments in the Bond market as mixed sentiments was witnessed during the day. However, average yields retained its status quo, maintaining the previous day figure and closing the week at 12.27%.
The Nigerian Treasury bills and OMO market was quite active as all the benchmarked instruments listed closed up. This led to a 37bps and 29bps
increase in the average yield of the NT-bills and OMO market to settle at 7.70% and 9.87% respectively.
The 08-Jun-23 (+0.80%) in the Nigerian Treasury bills and 07-Mar-23 (+0.41%) in the OMO market emerged as the most sold instruments. System liquidity improved but closed with a negative balance of Covid-19 NGN33.76billion from a negative balance of NGN413.40billion.
Open Buy Back rate moved from 15.0% to 14.75%, while the Overnight rate closed
at 15.00% once again.
Naira depreciated at the Importers & Exporters Window increasing NGN2.80/USD to end the day at NGN429.00/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.