(Greenwich Merchant Bank): The Nigerian Equity Market declined by 0.32% as the NGX-ASI and market capitalization fell to 51,390.25 points and NGN27,713.10 billion respectively. The decline could be attributed to losses in the share price of NAHCO (7.19%), ACCESSCORP (2.11%), UBA (0.66%) and NGXGROUP (0.23%). Thus, bringing the Year-To-Date to 20.31%.
However, market activities were positive as total volume traded and total value increased by 72.69% (198.82 million units) and 22.65%(NGN2,181.62 million). GTCO dominated activities in the market with the highest volume and value traded. Market sentiment was negative, with a market breadth value of 0.44x; a result of eleven (11) gainers and twenty-five (25) losers.
Sectoral performance was mixed as losses was seen in the Insurance sector (0.03%), Oil and Gas sector (0.0004%) and Industrial sector (0.02%) while Banking sector (0.0005%) and Consumer Goods sector (0.003%) ended the day with gains.
Fixed Income Market
Investor’s sentiments in the Bond market remained bearish at the beginning of the week as the average yield of instruments traded increased by 4bps from 11.62% to 11.66%. This was mainly driven by selling pressure at the short end of the curve particularly the 27-Apr-23 instrument which increased by 78bps.
The N-Tbills mirrored the same sentiments of the Bonds market as the average yield increased by 0.11% from 6.98% to 7.09%. Like the Bond market there was selling pressure at the short end of the curve as the 11-Aug-22 instrument increased by 100bps.
System liquidity transposed from a negative balance of NGN-158.78 billion to NGN18.45 billion. However, it was not sufficient to move the needle of the OBB and Over Night rate which stood at 13.83% to 14.00%.
Naira appreciated at the Investors’ and Exporters’ Window (I&EW) to close at NGN424.58/USD from NGN426.13/USD.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
