The overriding sentiment in the equities market was negative this week as the NSEASI declined by 1.61% WoW to settle at 39,198.75pts. The year-to-date (YTD) return, therefore, declined further to -2.66% (from -1.07% at the end of the previous week). Across sectors, performance was mixed, as three sectoral indices gained while two declined. The best performing sector was Oil and Gas (+5.33% WoW) while the worst performing sector was Insurance (-2.20% WoW). Furthermore, ROYALEX (+22.64%) sustained its lead from last week, while this week’s top loser was LINKASSURE (-18.82%).
On the corporate scene, MTN Nigeria Communications Plc announced the successful completion of its NGN110bn Series I bonds issuance at 13.00%, repayable in 2028. Meanwhile, CBN announced the indefinite continuation of its ‘Naira 4 Dollar Scheme’ which was originally scheduled to end on May 8, 2021.
In the secondary market for treasury instruments, investor mood remained bearish as average T-Bills and bond yields rose to 5.07% and 12.27% (from 5.00% and 11.81% at the end of the previous week).
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The Week in View – 7th May 2021
