The bears reigned in the equities market this week. The All Share Index was down 0.73% WoW to settle at 38,930.68pts, dragging the Year-to-Date return down to -3.33% (vs. -2.62% at the end of the previous week). We observed mixed performance across sectors with the NSEFBT10 (+2.02%) and NSEINS10 (+2.82%) witnessing upticks, while the NSEBNK10 (-1.56%), NSEIND (-2.09%) and NSEOILG5 (-0.30%) all closed in the red. LINKASSURE (+41.18%) emerged as the week’s top gainer, while DAARCOMM (-16.00%) was the biggest loser.
In the corporate scene, there was a flurry of earnings releases during the week as companies sought to meet the NSE’s submission deadline. Some notable names were TOTAL, BUACEMENT, FBNH, ACCESS and UNILEVER.
At this week’s T-bill PMA, investors’ participation remained robust evinced by solid bid to cover ratios of 3.27x, 3.93x and 1.37x on the 91-Day, 182-Day and 364-Day instruments respectively. Meanwhile, in the secondary market, bullish sentiments dominated, pushing yields down to 3.74% (vs. 3.97% in the prior week).
In the foreign exchange space, the Naira strengthened by 17bps against the Dollar at the I&E window to close at NGN409.30/USD (vs. NGN410/USD).
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