Domestic Stocks Opened the Week on a Positive Note…ASI Up by 21bps

Naira Falls As Reserves Fall To $38.8 Billion
Naira Falls As Reserves Fall To $38.8 Billion

The Nigerian equities market opened the week on a positive note as investors position ahead of 2020 full-year earnings release. The benchmark All Share Index (ASI) advanced by 21bps  to close at 41,088.96  with market capitalization gaining N45.50bn to settle at N21.49tn. In summary, the Year-to-Date (YtD) performance improves to 2.03%.

The breakdown across different sectors indicates mixed performance as 3 out of the 5 sectors under coverage closed southward. Notably, the Insurance, consumer goods and oil  & gas indices  declined by 0.58%, 0.72% and 0.80% following losses in SOVRENINS (-9.09%), MBENEFIT (-8.89%), INTBREW (-6.53%) and ARDOVA (-9.78%).

On the other hand, the banking and the industrial indices went up by 0.49% and 0.54% on the back of positive sentiments in UBA(+0.57%) and DANGCEM(+0.85%).

Investors’ sentiment was however negative as 19 stocks advanced while 30 stocks declined to indicate a 0.63x market breadth.  Market activity level slows down as both volume and value of transaction declined by 43.68% and 47.94% respectively.

Domestic Stocks Opened the Week on a Positive Note...ASI Up by 21bps Brandspurng

Fixed Income Market

The bond market continued on a muted note with yield remaining stable across different maturities. Notably, the yield on the FGN-JUL-2030 closed at 8.38.

Treasury bills market traded on  a mixed note as yield advanced to 0.35% and 0.47% on the 91-day and 182-day maturities while that of 364-day maturities remained stable at 1.17%
OBB and OVN rate decreased by 4.50% and  4.00% to settle at  5.50% and 6.50% respectively amid buoyant system liquidity.

Market Snapshot

  • Domestic Stocks Opened the Week on a Positive Note…ASI Up by 21bps
  • The bond market traded on a muted note as yield maintain stability across maturities
  • U.S. Stocks Traded Mixed Ahead of Mega cap Earnings
  • Oil contracted With Vaccine Supply Concerns Adding to Demand Gloom
  • Naira remained stable against the USD at the  parallel market to close at N477/$