(Greenwich Merchant Bank): Strong bearish pressure continues to dictate the trend of the Nigerian equities market as the All Share Index and market capitalisation records a decline of 1.86% to close at 50,442.37 point and NGN27.20 trillion respectively.
The drop in share prices of MTNN (9.62%), NB (4.52%), ZENITHBANK (3.23%), FLOURMILL (3.03%) and GTCO (1.45%) was largely responsible for the decline witnessed. Hence, the Year-to-Date stands at 20.33%.
Market sentiment was positive as volume traded increased by 57.98% while value traded increased by 16.78% to settle at 156.17 million units and NGN2,936.65 million respectively. FLOURMILL ended the day as thebhighest volume traded and highest value traded. Market breadth was negative at 0.08x owing to three (3) gainers and thirty-seven (37) laggers.
Performance was negative across sectors as the Banking sector (1.85%), Industrial sector (0.003%), Consumer Goods sector (1.27%), Insurance sector (1.69%) and Oil & Gas sector (0.49%) all closed in a loss.
Fixed Income Market
For the third consecutive trading session, average yield in the Bond market stood at 12.20%. However, mixed interests were observed across the yield curve with the 18-Mar-36 emerging as the most sold.
At the Nigerian Treasury bills and OMO market, investors sentiments were largely positive as almost all the benchmarked instruments declined across the curve driving average yield lower by 20bps and 29% to close at 7.03% and 8.75% respectively.
The highest decrease in each market was 34bps 8-Jun-23 instrument for NT-bills market and 02-May-2023 instrument for the OMO market).
Open Buy Back rate increased further to 15.00% from 14.83%, while the Overnight rate closed at 15.00% once again.
Nigeria’s Foreign Exchange rate depreciated by NGN3.83/USD at the
Importers & Exporters Window to peg at NGN431.00/USD at the end of
today.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
