(Greenwich Merchant Bank): The local bourse closed the week on a positive note with the NGX-ASI and market capitalization increasing by 0.02% to close at 51,829.67 points and NGN27,941.92 billion respectively. ACCESSCORP (1.62%), STERLNBANK (1.32%), ZENITHBANK (0.69%), WAPCO (0.38%) and SEPLAT (0.04%) contributed to the gains recorded in the market today. Consequently, Year-ToDate stands at 21.33%.
Activities noted in the market was bearish as volume and value of trades decreased by 42.86% (126.56 million units) and 55.90% (NGN1.706.47 million) respectively. GTCO dominated the market a the highest traded volume (23.47 million units) and value (NGN480.30 million) at the end of the day. Sentiment in the market was positive as the market breadth stood at 1.19x with nineteen (19) gainers and sixteen (16) losers.
Performance across the sectors were mixed as the Banking sector (0.64%), Insurance sector (1.65%) and Oil and Gas sector (0.02%) gained while Industrial sector (0.11%) and Consumer goods sectors (0.22%) ended the day on a negative note.
Fixed Income Market
During today’s trading session, the bond market was permeated by marginal bearish sentiment as investors demonstrated bleak appetite for bond instruments with short tenors. As such, average bond yield stood at 11.54%, same as yesterday`s figure.
The OMO market commenced the month bullish with yields declining across all ends of the curve. Specifically, average yield dropped to 5.19% from 5.36%. For the first time in a while, activities in the NT-bills market were bullish with average yield dipping by 17bps to close at 5.21% from 5.38%. 11-May-2023 instrument had the highest decline of 73bps.
Both the Open-Buy Back and Overnight rate closed the day at 14.00% from 13.83% and 14.00%, meanwhile system liquidity trended lower to (NGN329.67 billion) from (NGN94.02billion).
Naira appreciated slightly in the I&E Window from NGN425.05/USD to NGN425.00/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.