For the second consecutive week, the domestic equities market maintained its bullish momentum amid relatively positive Q1 2021 financial results by corporates which spurred buying activity in the market, especially the large caps such as DANGCEM, ZENITH BANK, SEPLAT, and BUACEMENT.
Consequently, the NSE ASI advanced week-on week by 1.36% to close at 39,834.42 points while the YTD loss of the local bourse index fell to 1.00%.
Sectorial performance was positive as three out of five indices tracked closed in green; the NSE Insurance, NSE Oil/Gas and the NSE Industrial indices advanced by 3.80%, 1.30% and 2.36% respectively. On the flip side, the NSE Banking and the NSE Consumer Goods indices moderated by 2.09% and 0.02% respectively.
In the course of the week, CBN sacked all the board members of First Bank of Nigeria Holdings Plc and First Bank of Nigeria amid insider credit and corporate governance-related issues.
Hence, the share price moderated to N6.90k.
Meanwhile, trading activity was weak as total deals, volume and value of stocks traded plunged by 13.44%, 25.26% and 78.12% to 16,284 deals, 1.15 billion units and N9.04 billion respectively. In the new week, we expect the domestic equities market to trade sideways as investors further digest the Q1 2021 financial results
