Bearish momentum dominated trading activity on the local bourse this week, as the NSEASI closed down on all five (5) trading days. The NSEASI shed 1.66% WoW to settle at 41,709.09pts. All sectoral indices closed the week negative, with the NSEINS10 (-6.01%) and NSEFBT10 (-3.22%) recording the most decline. JAIZBANK (+10.77%) emerged as the week’s top gainer, while LINKASSURE (-33.33%) was the biggest loser.
This week, the NSE received a number of unaudited earnings results (from PRESCO, CONOIL, UNIONDAC and ROYALEX), with largely mixed performance recorded across board. On the broader macroeconomic scene, the National Bureau of Statistics (NBS) announced plans to rebase the economy to 2018/2019.
To end the week, the CBN, via a circular directed banks to close accounts of persons/entities involved in cryptocurrency transactions.
Bullish sentiments dominated the secondary market for bonds, with average bond yields falling to 7.88% (vs. 7.97% from last week). Average T-bills yield on the other hand rose to 0.99% (from 0.88%).
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