The Nigerian equities market witnessed selloffs throughout this week, culminating in a 2.53% decline on the NSEASI which ende d the week at 34,250.74 pts. All sectoral indices closed negative, led by the NSEBNK10 which saw the most trading activity. FTNCOCOA emerged as the top gainer for the week with a 51.72% rise in share price. The losers’ chart on the other hand was led by REGALINS with a WtD loss of 16.67%.
During the week, the federal government announced a reduction in the pump price of petrol to NGN162.44 per litre from NGN168. 00 per litre with effect from December 14, 2020. This came even as Brent prices touched USD50 per barrel during the week on COVID-19 vaccine progress.
Yields in the fixed income market trended up during the week with average treasury bills yield increasing by 41bps to 0.53%. Also, at the primary market auction for treasury bills, stop rates increased markedly across the longer dated instruments; from 0.09% and 0.15% to 0.60% and 3.20% on the 182-day and 364-day instruments respectively.
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