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

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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.

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/$

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