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Research

Weekly Market Review. July 19th –23th 2021

The NSE ASI closed in bullish form WoW by 1.90% as it closed in green in all of the 3 trading sessions during the week as a result of buy pressures in bellwether stocks such as TOTAL (20.95%) and OANDO (20.67%). Consequently, at 38.667.90 points, the equities market’s Year-to-Date return improved to -3.98% as market capitalisation increased by 0.38% WoW to close at N20.15 trillion.

Market breadth (a measure of investor sentiment) improved last week, rose from 1.09x to 2.69x illustrated by the advance of 43 stocks against 16 that declined. CUTIX and TOTAL topped the market gainers with 32.51% and 20.95% WoW respectively, while SMURFIT and SOVERENINS were the top laggers with declines of 38.46% and 12.12% WoW respectively.

The activity level weakened WoW as the trade volume and value fell by 11.11% and 52.07% WoW respectively. A total turnover of 896.174 million shares worth N5.235 billion in 11,714 deals were traded during the week by investors on the floor of the Exchange. Trading in the top three equities by volume were JAIZBANK, STERLNBANK and FIDELITYBK. They accounted for 369.88 million shares worth N385.516 million in 785 deals; contributing 41.27% and 7.36% to the total equity turnover volume and value respectively.

Outlook for the week

We expect bullish momentum to persist in the coming week as the equities market still presents decent opportunities for investors chasing positive real return on investments.

Nigerian Fixed Income

There was bullish sentiment in the bond market this week as all the five (5) tenor yields under coverage closed lower. The 1-Year, 3-Year, 5-Year, 10-Year and 30-Year tenor yields compressed by 1.95%, 0.75%, 0.17%, 0.09% and 0.07% WoW respectively.

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