The equities market closed negative on Wednesday due to the losses printed in the Banking sector.
Specifically, the market closed marginally down by 0.01% as the ASI settled at 51,802.48pts.
In the trade transaction,market breadth index was positive with 17 gainers against 14 losers.
But, the performance was negative as the losses printed in UPL (-9.62%), Chams (-8.00%), Linkassure (-6.90%), Curtix (-6.25%) and FTNcocoa (-5.71%) offset the gains recorded in Ikehahotel (+10.00%), Royalex (+7.29%), NPFmcrfbk (+7.27%), FidelityBk(+4.88%) and GlaxoSmithKline (+4.84%).
Sectorally, performances were mixed with the Consumer Goods (+0.09%) and Oil and Gas (+0.07%) sectors closing positively, while the Banking (-0.07%) sector closed southwards and the Industrial sector was flat.
In terms of activity levels, total volume increased by 32%, while total value decreased by 73%, as investors exchanged about 416million units of shares worth N3.46billion.
MBEnefit (-4.00%) was the most actively traded stock with about 212million units of shares worth about N53million.
Analysts at Investment Management & Research, expect, going forward investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon,”. They said
At the IEFX window, the Naira appreciated by 0.83% and 0.91% against the GBP and EUR to close at N506.35 and N437.24 respectively, while it weakened against the USD by 0.80% to close at N424.88.
They expect the FX market to be dictated by heightened dollar demand and CBN FX policies going forward.
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Money market rates remained flat today as Open Buy Back and Overnight rates closed at 14.00% each.
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Money market rates remained flat today as Open Buy Back and Overnight rates closed at 14.00% each.
The bond market traded on a flattish note, as yields remained unchanged on most maturities.
The yield on the 7yr benchmark bond declined marginally by 1bp to settle at 10.89%, while the 5yr and 10yr benchmark bonds closed flat at 10.71% and 11.21% respectively.
According to the analysts, “in the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation.“
