(Greenwich Merchant Bank): The local bourse posted a loss of 0.24% as selling pressure across ZENITHBANK (1.36%), GTCO (0.25%), STANBIC (4.23%), ACCESSCORP (3.53%) and NB (7.66%) drove the market bearish performance which pushed the NGX-ASI and Market Capitalization by 0.24%. As a result, the Year-to-Date weakened to 10.78%.
Notwithstanding, market activities intensified as value traded picked up by 17.15% to rest at NGN1.65 billion, while, volume declined by 55.37%, to settle at 120.94 million units. MTNN emerged as the stock with the highest volume and TRANSCORP, the most traded stock in value.
Market sentiment was negative as market breadth stood at 0.93x representing thirteen (13) gainers and fourteen (14) laggers. Across sectors, market performance was mixed as Banking sector (2.14%) and Consumer Goods sector (0.99%) closed negative. On the flip side, the Industrial Goods (0.12%) and Insurance sector (0.10%) recorded gains, while the Oil and Gas sector performance remained unchanged.
Fixed Income Market
The hushed atmosphere continued on the NT-bills market as average yield declined by 1bp to close today`s trading session at an average of 10.95%.
System liquidity improved further to NGN94.13bn from NGN43.19bn. On the other hand, interbank rates also increased to 14.75% and 15.75% from 13.75% and 14.13% each for the Open Buy back and Overnight rate.
Similarly, average OMO yield closed at 10.78% from yesterday`s figure of 10.79%. Although across the curve, sentiment was weak as yields traded mostly 1bp lower.
Mixed activities surfaced in the Bond market, as the 17-Mar-2027 instrument was the most bought instrument, while 18-Apr-2037 closed the day as the most sold instrument. Consequently, the average yield logged at 14.65%, 1bp lower.
Naira weakened at the CBN Official Spot and Investors’ and Exporters’ Window (I&EW), increasing by NGN0.03/USD and NGN0.60/USD to close at NGN444.37/USD and NGN445.03/USD
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.