Week in View – November 20th 2020

Profit-taking activities, which came as a sequel to the momentous leap in the previous week, clipped the NSEASI in the just concluded week, as it dropped 2.57% to close at 34,136.82pts. Every industry under our coverage (except the Insurance sector) closed in the negative zone, with the banking sector shedding the most (5.98% WtD). BOCGAS led this week’s top gainers, as its share price rose by 39.88%, while WAPIC shed 21.15% to end as the week’s biggest laggard.

The National Bureau of Statistics released the inflation report for October 2020, with headline inflation rising by 14.23% YoY (vs. 13.71% as of September). The food index rose by 17.38% YoY, an 72bps rise over September levels. In the equities space, there were earnings releases this week, as GUARANTY, ZENITH, ACCESS, and STERLING bank reported their Q3:2020 performance with modest outcomes across board.

There was also a bond auction during the week; investors oversubscribed the offer evinced by bid-to-cover ratio of 2.20x and 2.43x on the offered tenors. In the secondary market, yields continued to dip in both the T-bills and Bonds space, as average yields declined by 23bps and 11bps to end the week at 0.09% and 3.91% respectively.

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Week in View – 20th November 2020



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