(Greenwich Merchant Bank): The Nigerian equity market increased by 0.03% as the NGX-ASI and market capitalization closed the trading session at 51,817.59 point and NGN27,935.36 billion apiece. The increase in share price of UBN (4.24%), FBNH (1.75%), WEMABANK (1.27%) and SEPLAT (0.78%) contributed to the growth witnessed. Thus, Year-To-Date moves up to 21.32%.
Market activity recorded a decline in volume traded by 46.74% (221.49 million units) while value traded increased by 11.99% (NGN3,869.8 million). FBNH closed the trading day with the highest volume with 36.63 million units while MTNN took the spot of the highest traded value with NGN1,369.23 million. Market breadth stood 0.94x with seventeen (17) gainers and eighteen (18) losers.
Sectoral performance was mixed as the Banking sector (0.28%), Oil and Gas sector (0.42%) and Insurance sector (0.41%) increased while Industrial (0.15%) and Consumer goods (0.21%) closed negative.
Fixed Income Market
Average yield in the NT-bills market rose by 8bps to close the day at5.38% due to the listing of the 08JUNE2023 instrument. System liquiditysettled at (NGN94.02bn) from (NGN272.60bn) while the Open Buy-back moved from 14.0% to 13.83% while the Over-night rates stood at 14.00%.
Farther on, the OMO market closed up by 2bps as soft demands at the long end of the curve swayed the performance of the market. Therefore, the average yield ended the day at 5.36%.
The Bond market also mirrored sentiment in the NT-bills and OMO space as sell pressures at the short segment determined the market. Thus, the average yield increased by 2bps to 11.54%.
The Naira depreciated at the Investors’ and Exporters’ Window (I&EW) to NGN425.05/USD, NGN0.17/USD weaker Day-on-Day (DoD).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
