(Greenwich Merchant Bank): The Nigerian equities market suffers further decline as the NGX-ASI and market capitalisation recorded a 0.50% fell to 50,188.55 point and 27.06 trillion respectively. ACCCESSCORP (4.49%), GTCO (3.92%), ZENITHBANK (1.90%) and MTNN (1.30%) contributed to the decline
witnessed. Consequently bringing the Year-to-Date down to 17.49%.
Sentiment in the market remained positive as volumes traded surged by 431.17% (829.51 million units) while the total market turnover
increased by 39.79% (NGN4.105.03 million). TRANSCORP had the highest volume traded while MTNN was the highest value traded
equity. Market breadth showed no significant difference at 0.09x with three (3) gainers and thirty-three (33) laggers.
Sectoral performance was broadly bearish as the Banking sector (2.34%), Industrial sector (0.04%), Insurance sector (1.10%) and Oil & Gas sector (1.07%) all recorded losses while Consumer Goods sector (1.27%) ended the day as the sole gainer.
Fixed Income Market
Sell offs at the short side of the Bond market drove average yields up by 5bps to settle at 12.25% from 12.20%.
Also, yields in the Nigerian Treasury bills and OMO market increased across all instruments listed in both markets driving average yield up
by 19bps and 29bps to close at 7.22% and 9.04% respectively. 8-Jun-23 instrument emerged as the most sold in the NT-bills market while the 7-Mar-23 instrument had the highest increase of 41bps in the OMO market.
Open Buy Back rate reduced by 0.25% to close at 15.00%, while the overnight rate closed at 15.00% once again.
The exchange rate at the Importers & Exporters Window had a slight decline of NGN1.00/USD, appreciating to NGN430.00/USD
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
