The equities market was down by -0.26% last week. The Market closed in the bearish territory following global rise in inflation rate. Additionally, massive selloffs were also observed in most of the global Equities indices we track. Consequently, YTD the NGX ASI dropped to 21.31%.
Top five market advancers for the week include JOHN HOLT (30%), CORNEST (21%), OKOMU OIL (12%), THE INITIATES (10%) and FBNH (9.95%). In the top five laggard’s Chart, we have PZ CUSSONS (-18.40%), UNIVERSITY PRESS (-10.42%), PRESTGE (-10%), NGX GROUP (-9.55%), and HONEY WELL FLOUR (-8.91%)
The Fixed income market has been flat due to increased illiquidity in the system as a result of delay in FAAC allocation. However, the short term dated bonds witnessed positive price movement following the recent Nigeria Treasury auction stop rates.