The equities market segment of the Nigerian Stock Exchange (NSE) started the month down, hitting a new 52-week low after it lost 0.26per cent or 71.69 basis points to close at 27,314.00 basis points from 27,314.00 basis points it opened for trading activities.
Similarly, market capitalization fell to N9.39 trillion from N9.42 trillion while year to date returns widened to 21.19per cent.
Market outcome was as a result of sell pressures in Nigerian Breweries that dropped by 1.69 per cent and First Bank of Nigeria Holdings Plc lost 6.37per cent in spite of gains in Unilever (4.83per cent) and ETI (2.15per cent).
Furthermore, Sterling Bank dropped by 4.52 per cent and PZ fall by 2.32per cent also contributed to this negative close.
In regards to market activity, volume was down 52per cent to 153 million units with value following suit, declining 48 per cent to N1.56 billion.
In terms of volume, banking stocks continued to account for the majority of trades in the market.
Cutix with a gain of 4.88 per cent was the session’s best performer, of the 16 stocks that gained today while there were 23 losers led by Tigerbrand dropping by 9.09per cent.
Meanwhile, activity in the Foreign Exchange market remained largely unchanged as the Naira traded range bound due to continued support from the Central Bank of Nigeria (CBN)
The USD/NGN thus traded between $/N197-199 in today’s session, with the CBN selling Dollars at $/N197 levels.
The local currency however closed mixed relative to the European currencies, falling by -0.17per cent against the Pound Sterling but appreciated by 0.39per cent against the Euro to settle at N296.82/£ and N209.67/€ respectively.
There was an Open Market Operation (OMO) auction earlier today where CBN sold N47.7billonn 296 day note at eight per cent, although total subscription levels were over N180billion.
In response to the auction, rates at the interbank rose today despite system liquidity increasing to N633billion.
Average rates rose by six basis points to close at 8.08per cent. The call rate saw most of this rise, climbing 18 basis points to 1.04per cent while the 30 Day rate was up eight basis points to 8.49per cent.
The 90 Day rate was up 4bps to 10.47per cent but the 180 Day rate defied the trend contracting five basis points. to 12.33per cent.
There was also a similar trend in the bond market, average yields also expanded 52basis points to 10.15per cent as speculators continued to sell positions.
Benchmark bonds increase almost evenly with the 5years and 7years benchmark rising 41basis points and 43basis points to 7.93per cent and 10.36per cent, respectively, while the 10years benchmark bond also increased by 46basis points to 11.67 at the close of market.
Going forward, there is scheduled to be a PMA tomorrow where N129billion worth of T-Bills will be auctioned.
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