(Greenwich Merchant Bank): The Nigerian equities market experienced an upsurge as the NGX-ASI and market capitalisation recorded a 0.47% gain to 44,701.84 points and 24.32 trillion respectively. NB (9.94%), PZ (8.72%), CADBURY (7.32%), BUAFOODS (3.51%) contributed to the increase witnessed. Consequently bringing the Year-to-Date up to 4.65%.
Sentiment in the market remained positive as volumes traded surged by 7.03% (147.94 million units) while the total market turnover increased by 51.29% (NGN1,701.94 million). TRANSCORP had the highest volume traded while SEPLAT was the highest value traded equity. Market breadth was bullish at 4.33x with twenty-six (26) gainers and six (6) laggers.
Sectoral performance was bullish as the Banking sector (1.25%), Insurance sector (0.18%) and the Consumer Goods sector (1.27%) ended the day as the gainers. The Industrial sector (0.03%), and Oil & Gas sector (0.26%) all recorded losses.
Fixed Income Market
Bond market opened the week bullish as yields declined across the curve, moving from 14.68% to close at 14.58%. 12-Mar-2035 and 23- Mar-2025 were the most bought instrument, both decreasing by 40bps.
Average yield trended downward at the Nigerian Treasury bills and OMO market, reducing from 10.99% and 10.81% to close at 10.98% and 10.81% respectively Specifically, yields traded marginally as most instruments closed down by 1bp.
System liquidity declined further from a negative balance of NGN159.00 billion to open the week at NGN226.50/USD. On the other hand, the Open Buy Back rate stood steady at 16.25% and 16.50% for the fourth consecutive trading session.
The exchange rate at the Importers & Exporters Window appreciated, decreasing from NGN445.67/USD to NGN445.38/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
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