Financial Market Commentary:
The equities market was down by 2% last week. The current political climate has made investors cautious about their investment decisions. Furthermore, the hike in interest rates by the CBN has undoubtedly resulted to bearishness across the equities market. We believe strongly that the market will redirect after the major political party primaries. YTD the NGX ASI dropped to 23.6%
Top five market advancers for the week include NAHCO (23%), JAIZ BANK (15%), ETERNA (13.74%), PZ (10%) and NEM (9%). In the top five laggard’s Chart, we have CONOIL (-15%), WEMA BANK (-12.33%), PRESCO (-10%), OKOMU OIL (-10%), and NCR (-9%)
The fixed income space also experiences market bearishness last week, as we majority of the long-dated bonds yield spike up to 13% levels. However, towards the tail end of the week, we saw increased buying interest as a result of FAAC allocation.