The Nigerian stock market was up by 5.42%WoW this week, as the NSEASI settled at 38,800.01pts. Isolating the banking sector ( -1.03%WoW) which closed in the negative zone, the bullish wave pushed other sectoral indices higher with the NSEIND (+12.05%) leading the pack. FTNCOCOA was the week’s top gainer having advanced by 43.55%WoW, while TRANSEXPR (-9.20%WoW) was the biggest loser.
During the week, the CBN revoked the licenses of seven payment service providers and one switch provider on grounds that they fail to meet up with certain statutory obligations and conditions. The affected service providers are; Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, ERevenue Gateway Limited, Eartholeum Network Limited, Globasure Limited and 3Line Card Management Limited.
Also, SEPLAT, has signed a Crude Purchase Agreement (CPA) with Waltersmith Petroman Oil Limited. The agreement was for the supply of between 2,000 and 4,000 barrels of oil per day (bopd), for Waltersmith’s new 5,000 bopd modular refinery in Imo State. BUACEMENT also disclosed its plans for a new production line of 3 MMT each at Adamawa, Sokoto and Edo.
In the fixed income space, yields in the secondary market firmed up following weakened buying interest. Average Tbills and bond yields were higher at 0.48% (vs 0.45% last week) and 5.83% ( vs 5.24% last week ) respectively. The Naira also strengthened at the I and E window and parallel markets.
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