(Greenwich Merchant Bank): The local bourse turned bullish as gains in LASACO (7.14%), NASCON (4.31%), BUACEMENT (2.89%), and NAHCO (2.63%) buoyed the market. As a result, the NGX-ASI and Market Capitalization grew by 0.28% to settle at 48,988.04 points and N26.68 trillion respectively. Consequently, the market YTD settles at 14.68%.
Market activity however experienced a contraction as volume of trade decreased by 47.41% to 78 million units; while total value of trade decreased by 59.16% to N1.45 billion. GTCO was the most traded equity by value with a
turnover of N10.21 million, and NESTLE was the most traded stock be volume (240 million units).
Investors’ sentiment was however bullish as market breadth had a value of 1.45x, emerging from fourteen (14) gainers and eleven (11)
laggers.
Although gains were seen in the market, sectoral performance was negative as losses were recorded in the Banking sector (-0.07%), Insurance sector (-0.85%), Oil & Gas sector (-0.15%) and Consumer Goods sector (-0.44%); with Industrial sector (+1.46%) emerging as the sole gainer.
Fixed Income Market
The Fixed Income Space, the market witnessed buying pressure as the market closed bullish. Consequently the average yield in the Bond market decreased by 0.04%.
The 27-MAR-2050 and 18-APR-2037 instrument also had the two highest decline by 0.27% and 0.24% respectively which contributed to the decrease in the average yield.
System liquidity surged by 111.60% from NGN151.13billion to NGN319.79billion. The funding rates increased with the Open Buy Back and Over Night rates at 16.50% and 16.83% from 14.38% and 15.25% respectively.
With only three instruments listed in the market in todays trading session, the average yield in the OMO market maintains its previous figure to stand at 10.74%. The NT-Bills market mirrored the OMO market with yields averaging at 8.24% same as the last session.
At the I&E Window, the Naira weakened by NGN4.20/USD from NGN446.38/USD to NGN450.58/USD
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
