(Greenwich Merchant Bank): The equity market opened the week in red as the NGX-ASI and Market Capitalisation declined by 0.01% to close at 49,676.75 points and NGN26,794.02 billion respectively. Declines in major tickers like NB (2.86%), ARDOVA (1.22%), and GTCO (0.50%) contributed to the market decline. As a result, the Year-to-Date moves to 16.29%.
Similarly, market sentiment was mixed as volume traded appreciated by 20.41% (232.94 million units), whereas value declined by 52.89% (NGN 193.46 million). JAIZBANK emerged the highest volume traded with 40.42 million units while ACCESSCORP stood as the highest value traded with NGN293.56million. Market breadth remained positive at 1.89x resulting to seventeen (17) gainers and nine (9) laggers.
Performance across sectors was broadly negative as the Oil & Gas sector (0.05%), Consumer Goods sector (0.26%) and Insurance sector (0.24%) recorded losses whereas Banking sector (0.25%) recorded the sole gain for the day. Industrial sector (0.00%) remained unchanged.
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Fixed Income Market
14-Mar-2024 (-35bps) and 26-Apr-2049 (-1bps) determined the performance in the Bond market. This led to the 3bps decline in average yield in the Bond market while other instruments traded flat. Replicating the mood in the Bond market, the short side of the market also had a bullish sentiment.
Specifically, the NT-bills and OMO market closed down by 27bps and 53bps to close at 7.78% and 10.71% from 8.05% and 11.24% apiece. The 09-Mar-2023 instrument emerged as the most bought instrument in the NT-bills market while the 02-May-2023 instrument closed with the highest decline.
System liquidity rose by 44.54% to settle at NGN173.93billion from NGN120.24billion resulting in the 4.00% and 3.67% dip in the Open Buy Back and Overnight rate to close at 9.50% and 10.00%.
Exchange rate at the Investors and Exporters Window remained steady at NGN430.33/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
