The Nigerian stock market ended the trading year on a high positive note as the NSEASI advanced by 3.79%WoW to close at 40,270.72pts. The gainers for the week was led by NEM (+31.62%WoW) while FTNCOCOA suffered the most share price loss of 25.84%WoW. In terms of sectoral performance, the NSEINDS emerged top performer with a WtD gain of 10.37% while the banking index was the worst performer with a 0.56% WtD loss.
On the broader macroeconomic front, President Muhammadu Buhari signed the 2021 Appropriation bill into law on 31st December 2020, thus ensuring that the January – December budget cycle is sustained. A total expenditure of NGN13.59trn is planned, representing an increase of 25.69% over the revised 2020 budget. In a related development, the President also signed the 2020 Finance bill into law on the same day.
Bearish sentiment continued in the fixed income space this week as yields in the secondary market trended upwards. Average T-bills was higher at 0.5% (vs 0.48% last week). In the FX market, CBN sold USD at NGN410 at the I and E window from suggesting another devaluation.
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