- Trading in the Equities market was relatively bearish as the ASI closed in the red territory for four trading days in the week. Uncertainty in the market, challenging economic environment and investors’ dividend taking actions could be traceable to the 0.33% drop in the NGX ASI and Market Capitalization respectively.
- Top five market advancers for the week include PZ (17%), UACN (14.55%), NPF MICROFINANCE (10%), RT BRISCOE (9.59%) and ETI (8.18%), while top five market laggards include CORNESTONE INSURANCE (-22%), SCOA (-16%), MRS (-10%), IKEJA HOTEL (-9.87%), and REDSTAR (-9.64%).
- The local Fixed Income space exhibited mixed trading sentiments as investors cautiously weigh in the prevailing economic situation. Although improvements were seen across the 23’s, however the further decline in the treasury bills stop rates was met with more selloff in the space. CBN sold N50b worth of OMO bills to mop up excess liquidity. We envisage a rebound in the market this week on the account of inflows from unmet treasury bills auction subscription. Additionally, coupon payments on five bonds are expected to be paid this week and further adding to market liquidity.
- In the Eurobond space, DMO successfully raised $1.25b last week to tackle the issue of diesel scarcity. The offer was oversubscribed, pushing the rate from 8.75% to 8.37%