(Greenwich Merchant Bank): The local bourse continues to fall as the NGX-ASI and market capitalisation declined by a 1.04% to settle at 49,667.14 point and NGN26,783.48 billion respectively. Losses witnessed today is attributed to the decline in the share price of NESTLE (9.84%), ZENITHBANK (8.25%), GTCO (3.57%) and NGXGROUP (2.68%). As a result, Year-to-Date moves further down to 16.27%.
Market sentiment was bearish as volume traded decreased by 75.14% while value traded also decreased by 4.49% to settle at 206.22 million units and NGN3,920 million respectively. Both TRANSCORP and MTNN maintained their positions as the highest volume traded and the highest value traded equities respectively.
Market breadth was negative at 0.33x owing to nine (9) gainers and twenty-seven (27) laggers. Performance across sectors was largely negative as the Banking sector (3.54%), Industrial sector (0.46%), Insurance sector (3.19%) and Consumer Goods sector (3.77%) declined while Oil & Gas sector (0.59%) recorded growth.
Fixed Income Market
Out of the 15 instruments listed on the Bond market, three instruments moved with the 27-Mar-2050 being the only increase. Specifically, the 34bps increase in the 27-Mar-50 instrument led to the 2bps rise in the average yield to settle at 12.27%.
The performance of the 11-Aug-22 (+2.94%) in the Nigerian Treasury bills and 16-Aug-22 (+4.09%) in the OMO market determined the performance for the day in both markets. Particularly, leading to a decline of 11bps and 54bps in the average yield of the NT-bills and OMO market to settle at 7.33% and 9.58% respectively.
System liquidity declined drastically from a negative balance of NGN163.62billion to a negative balance of NGN413.40billion. Open Buy Back rate reversed to its previous close of 15.0% from14.75%, while the Overnight rate closed at 15.00% once again.
The exchange rate at the Importers & Exporters Window declined further by NGN3.80/USD, appreciating to NGN426.20/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.