Week in View – 26th February 2021

The Nigerian equities market closed negative for the fourth consecutive week as the NSE All Share Index shed -0.96% WoW to close at 39,799.89pts. This dragged the year to date return further into negative territory as it settled at -1.17%. This week, all sectoral indices closed down with the exception of the NSEOILG5 (+0.97% WoW) and NSEBNK10 (+0.69% WoW). ACADEMY (+17.14%) emerged as the week’s top gainer, while AFRIPRUD (-21.23%) was the biggest loser for the week.

During the course of the week, a number of banks and financial service companies released their audited 2020FY results, with ZENITHBANK and UCAP announcing final dividend payments of NGN2.70k and NGN0.70k per share respectively. UNILEVER also informed the investing public of its parent company’s decision to separate its tea business following a strategic review that began in January 2020. The company expects that the process would be concluded by the end of 2021.

At the primary market auction for treasury bills held during the week, stop rates increased to 2.00%, 3.50%, 5.50% (vs. 1.00%, 2.00%, and 4.00%) across the 91-day, 182-day and 364-day instruments. The secondary market for treasury instruments was however bearish as average bills yield increased to 1.97% from 1.48% last week.

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The Week in View – February 26, 2021


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