(Greenwich Merchant Bank): The local bourse started the week on a negative note as decline in equities with large market turnover like BUACEMENT (9.96%), UACN (6.25%), ACCESSCORP (1.11%) and FBNH (0.45%) drove the market lower resulting in the NGX-ASI and market capitalisation declining by 0.83% to settle at 49,950.32 point and NGN26.94 trillion respectively. As a result, the Year-to-Date closed at 16.93%.
Similarly, market sentiment was negative as both volume and value traded recorded a decline of 30.90% and 19.21% to close at 176.05 million units and NGN2,271.33 million respectively. GTCO emerged as the equity with the highest volume trade while ZENITHBANK recording the most value traded at the end of the day. Market breadth remains positive at 1.54x with twenty (20) gainers and thirteen (13) losers.
The sectoral performance split evenly between the bulls and bears as Banking sector (0.19%) and Insurance sector (0.12%) gained while
Consumer Goods sector (0.13%) and Industrial sector (4.18%) declined. Oil & Gas sector remain unchanged.
Fixed Income Market
The month opened bearish with interest in instruments towards the long end of the curve driving the performance of today. This resulted in a 6bps increase in average yields, therefore settling at 12.32% from 12.27%.
Marginal movement was seen at the Nigerian Treasury bills and OMO market as listed benchmarked instruments declined majorly by 1bps across the yield curve. This led to a 1bps decrease in the average yield of the NT-bills and OMO market to settle at 7.69% and 9.86% respectively.
However, the 11-Aug-22 in the Nigerian Treasury bills and 16-Aug-22 in the OMO market declined by 2bps, the highest in both markets.
System liquidity performed positive, closing at NGN247.13billion from a negative balance of NGN33.76billion. Therefore leading to a dip in the
Open Buy Back and Overnight rate to close at 10.00% and 10.50% from 14.75% and 15.00%.
Naira appreciated by NGN0.12/USD at the Importers & Exporters Window declining to NGN428.88/USD from NGN429.00/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
