Following last week’s bearish outing, the Nigerian equities market closed on a positive note this week as the NSEASI advanced by 3.44%WoW. All sectoral indices except the NSEOILG5 (-7.25%WoW) closed in the green zone. CHAMPION (+59.49%) led the advancers, while VERITASKAP(-28.57%) was the biggest loser.
During the week, there was a flurry of earnings releases. Performance was mixed as GUINNESS, AIRTELAFRI and TOTAL all witnessed topline increases but decline in bottom line, while BUACEMENT recorded revenue and profit growth. On the broader macroeconomic scene, the Monetary Policy Committee held its first meeting for the year and voted to keep all policy parameters unchanged.
In the primary market for T-bills, all tenors on offer ( 91-day, 182-day and 364-day) were oversubscribed with bid-to-cover ratios of 1.77x, 1.18x and 1.73x respectively. Meanwhile, bearish sentiments in the secondary market continue to push yields higher. Average T-bills and bonds yields stood at 0.61% and 7.97% ( vs 0.56% and 6.99% last week ) respectively.
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