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Research

WEEKLY MARKET UPDATE

Commodities
The commodities under our radar closed in a mixed territory last week with the energy commodities recording weekly decline due to the fear of the second wave of COVID-19. The metal commodities such as Gold, Silver and Copper however gained WoW. Brent declined significantly by -8.44% to close the week at $38.73/barrel while WTI declined by 8.32% to close at $36.26/barrel. Gold and Silver recorded WoW performance of 2.76% and 0.52% respectively due to investors’ buying interest. The price of Copper inched up by 3.82% to close the week at $5,801.35 while Natural Gas declined marginally by 2.81%.

Fixed Income
At the bond market, trading was bearish when compared to the previous week, but with a little bit of buying pattern witnessed in the short end of the bond curve. Accordingly, the average yield by 8bps to close the week at 10.01%. At the June 10th OMO bill auction, the DMO raised N90 billion amid healthy demand. The DMO sold more of the short and mid tenor bills while it reduced the allotment for the long tenor bill. The 364-Day bill ended up closing flat at 4.02% when compared to the previous stop rate of 4.02%. The 91-Day and 182-Day rate also closed slightly lower to 2.00% (Previous stop rate- 2.45%) and 2.20% (Previous stop rate- 2.72%) respectively.

Equities
The NSE ASI closed the week on a positive note, appreciating marginally by o.67% WoW to close at 25,182.67bps while market capitalization at the end of the week was N13.137 trillion. This was largely due to the buying interests on the banking stocks during the week. Neimeth International Pharmaceuticals Plc led the gainer’s chart with 45.20% price gain WoW, while the loser’s chart was topped by Japaul Oil and Maritime Services Plc. The stock price declined by -16.67% to close the week at N0.25/share.

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