(Greenwich Merchant Bank): Recovering from its previous loss, the equities market ticked up as price appreciation in DANGSUGAR (+3.92%), STANBIC (+3.57%), WAPCO (+2.12%), CADBURY(+0.87%) and VITAFOAM (+0.75%) pushed the NGXASI and Market Capitalization up by +0.03%. Thus, settling the Year-to-Date at 3.78%.
Both volume and value traded slowed down to rest at 119.22 million unit and NGN 2,809 million, declining by 27.90% and 12.87% apiece. FIDELITYBK topped the volume chart for the day with 39.36 million units, while AIRTELAFRI led the value chart for the fifth consecutive trading session with NGN 1,759.07 million.
Market breadth closed at 0.94x, same with yesterday with sixteen (16) gainers and seventeen (17) laggers.
Across the sectors, market performance was led by bulls as Insurance sector (+0.22%), Consumer Goods sector (+0.20%) and Industrial sector (+0.09%) recorded losses, while the Banking sector (-0.82%) and Oil and
Gas sector (-0.39%) recorded losses at the end of the day.
Fixed Income Market
Weak investors sentiments prevailed in the Bond market as only three (3) instruments traded out of the thirteen (14) benchmarked listed Federal Government Bonds. This led to the 10bps increase in the average yield to close at 14.33% from 14.23%.
Although, marginal declines were seen across the curve in the NT-bills market, the 3.00% increase in the 26-JAN-2023 instrument molded the performance of the market. Therefore, average yield settled high at 10.46%, rising by 37bps. On the flip side, yields remained muted in the OMO market as investors maintained their current position, settling the average yield at the same figure as yesterday at 10.91%.
System liquidity improved slightly to a negative balance of NGN261.87billion from a negative balance of NGN238.06billion, leading to the 8bps and 17bps decrease in Open Buy Back and Over Night rate to close at 16.17% and 16.33% apiece.
Naira depreciated both at the CBN Official Spot rate and Investors and Exporters Window, rising by NGN0.03/USD and NGN0.37/USD to end the day at NGN437.11/USD and NGN441.13/USD respectively.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.