Financial Market Commentary:
The Equities market maintained its positive sentiments during the week under review. The All-Share index increased by 4.25 % week on week, the largest weekly gain since December 2020, while investors’ wealth increased by N1.166 trillion. The market’s year-to-date gain increased to 24.30 %. We believe activity levels will remain low in the coming week as bargain hunters trade cautiously as prices have risen significantly across sectors.
For the week, the top five market advancers are MCNICHOLS (59.52%), ROYALEX (51.49%), CHAMPION BREW (30.84%), INTBREW (30.37%), and OKOMUOIL (26.47%), while the top five market laggards are IKEJAHOTEL (-10.94%), GUINNESS (-10.91%), TRIPPLE GEE (-9.38%), CAVERTON (-9.09%) and CHAMS (-8.33%).
Bulls dominated the bond market all week, aided by buoyant system liquidity. As a result, the average benchmark yield fell by 6 basis points week-on-week.