AS investors and market operators continued to anticipate half results, the benchmark index advanced 0.10 per cent yesterday, compared with the 0.23 per cent rise recorded at the previous session.
Volume and value traded, unlike previous day's jump, contracted sharply by 46.27 per cent and 51.56 per cent respectively.
Market breadth settled at 0.06x, with 32 advancers and 29 decliners. Industrial sector advanced the most by 1.15 per cent driven by gains in Wapco (+4.07 per cent), closely followed by the oil and gas sector which appreciated 0.70 per cent on the back a five per cent jump in the price of
The insurance sector was down 0.61 per cent just as the consumer goods sector slipped 0.35 per cent depressed by
On the gainers camp, CAP topped with a five per cent gain trailed closely by Airservice (+4.93 per cent).
Meanwhile, the Over The Counter [OTC] market recorded relatively high intraday volatility in reaction to current factors driving activities in the domestic financial markets.
However, demand signals were seen in the later part of the week, which resulted in a slight drop in yields across maturities.
Expectedly, the demand was driven by increase in interest from domestic pension funds. Dunnlorenmerrifield analysts however noted that the recent market trend may not be unconnected with the offer circular and the month's bonds auction scheduled for this week. The level of market volatility is expected to reduce as the FGN bond primary auction was due yesterday during which about N100billion worth of bonds will be offered across different maturities.
However, there may be a reversal of the trend after the auction as the market will adjust to the outcome of the auction.
In the week ahead, there will be FGN bond auction, N15billion worth of 13.05 August 16, 2016 (three years), N50.0billion worth of 14.20 March 14, 2024 (10years) and N35billion worth of new 20 year bonds will be issued.
Most Popular Stories
- National Retail Federation Reduces Sales Forecast
- Xavier Gutierrez Appointed to Bank Board
- Hispanic Leader Goes the Extra Mile
- Long-term Strengths Emerge in U.S. Economy
- Honda' s Accord Plug-in Hybrid Is a Fuel Miser
- Weekly Jobless Claims Drop to Lowest Level in 8 Years
- Stop-Start Engines Save Gas, Reduce Emissions
- Naya Rivera and Ryan Dorsey Are Married
- Morgan Stanley Ponies Up $275 to Settle SEC Charges
- Menendez: No Arms for Iraq Without Intel