The Nigerian equities market closed the week on a positive note as the NSEASI gained 0.72% to settle at 35,137.99 pts. All sectoral indices except the NSEINS10 and NSEOILG5 closed in the positive region. TRIPPLEG was the top gainer with a share price appreciation +20.00%, while CHELLARAM lost -80.08% to emerge as the biggest loser.
During the week, OPEC+ agreed to gradually raise oil production by 500,000bpd effective January 2021. Also, the Nigerian stock exchange announced the migration of Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and The Initiates Plc to the Growth Board. The Central Bank of Nigeria announced two major policy decisions this week. First, it introduced Special Bills into the banking sector, which is expected to ultimately release trapped cash reserves and improve banking liquidity. Also, it amended procedures for receipt of diaspora remittances to provide beneficiaries with greater flexibility over the mode of fund receipts. This is expected to improve
remittance inflows and boost liquidity in the FX markets.
In the fixed income market, sentiments were bearish in the T-bills and bonds market. This was seen as average yields on both instruments firmed up to 0.12% and 4.02% (vs 0.04% and 3.80% last week) respectively. In the FX market, the Naira appreciated against the dollar in the parallel market settling at NGN475.00 per USD.
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