- Been a markdown season, decline in ASI index are reasonably expected, as majority of the shares on the NGXs are trading ex-div. Consequently, persistent drop in NGX ASI and Market Cap are evident. Last week, the index and Market Cap shed off 0.45%, bringing the YTD growth to 9.3%.
- Top five market advancers for the week include MEYER (56.94%), REGENCY (19%), CONOIL (16.85%), NAHCO (16.55%) and WEMA (14.81%). In the top five laggard’s corner, we have NPFMCRFBNK (-16%), UACN (-13.6%), ROYAL EXCHANGE (-12.8%), CWG (-9.26%), and CORNERSTONE (-9.09%).
- In the light of liquidity mob up through CRR debit conducted by the CBN last week, the fixed income space over washed by bearishness last week. As a result, the benchmark yield inched up 27bps to print at 10.9%.Equally, the Treasury market also witnessed market quietness, as average yield closed the week flat. The market is therefore expectant of the NTB auction, slated for the middle of the week, before taking bold investment decisions.