Week in View – 5th March 2021

Bearish sentiments again dominated the Nigerian equities market, dragging the All Share Index to its fifth consecutive negative close. The NSEASI shed 1.18% WoW to 39,331.61pts, while the year-to-date return sunk deeper into negative territory, settling at -2.33%. All sectoral indices closed negative with the exception of the NSEIND (+1.39%). MORISON (+20.00%) topped the gainers’ chart, while CHAMPION shed -33.33% to emerge as the week’s biggest loser.

On the corporate scene, a number of audited financial results were released this week, with mixed performance across board. While DANGSUGAR recorded strong top and bottom-line growth (+33.03% and +33.16% respectively), ARDOVA managed to grow its revenues (+2.90%), although after tax profit dipped by 47.30% YoY. SEPLAT, on the other hand recorded declines in both top and bottom-line.

This week, Nigeria became the third African country to receive its first batch of the Oxford/AstraZeneca coronavirus vaccines. About four million doses of the vaccine arrived in Abuja on Tuesday, 2nd March 2021. Healthcare and front-line workers are scheduled to be the first beneficiaries.

In the fixed income space, bearish sentiments dominated the secondary market for bonds and T-bills, with average yields rising to 9.28% and 2.01% respectively (vs. 9.12% and 1.97% from the previous week).

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The Week in View – March 5th 2021


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