The Nigerian equities market continued its bearish run this week as the NSEASI lost -0.69%WoW to settle at 38,382.39pts. Thus, the year-to-date return was dragged further to -4.69%. All sectoral indices closed in the red except NSEBNK10(+2.09%) and NSEOILG5(+1.59%). ETERNA (+20.78%) saw the most share price appreciation closing at NGN5.58, while NEIMETH (-14.83%) was the biggest loser.
During the week, the National Bureau of Statistics reported headline inflation for the month of February at 17.33%YoY (vs 16.47%YoY in January). This continue to be driven by increases in both the food and core indices. In a joint statement addressing the disagreements over USSD pricing, the CBN and the Nigerian Communications Commission (NCC) stated that USSD transactions at Deposit Money Banks (DMBs) and all CBN-licensed institutions will now be charged at a flat fee of NGN6.98 per transaction effective 16th March 2021. The Board of Dangote cement Plc. has recommended a dividend payment of NGN16.00 – this represents a dividend yield of 7.27% on its closing price as at Friday, 19th March 2021.
In the primary market for T-bills, participation remained robust evinced by bid to cover ratios of 2.67x, 1.80x and 1.86x across the 91-day, 182-day and 364-day instruments, respectively. In the secondary market, bearish sentiments continue to send yields higher. Average T-bills and bond yields were higher at 2.95% and 9.36% (vs 2.45% and 9.20% last week) respectively.
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