The Brent futures traded at US$72.81 per barrel on 26 November 2021. According to Reuters, the dip in price of BRENT was driven by concerns around a surplus in Q1 2022 following the uptick in the number of countries that are instituting lockdown measures on the back of the new COVID-19 omicron variant.
Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market started off on a quiet note as market participants prepared for the Primary Market Auction ("PMA") which was held on Wednesday (24-Nov-21).
Last week, the local bourse gained as the benchmark index rose 0.3% w/w to 43,308.29 points despite closing southward in 3 of the 5 trading days. Accordingly, YTD return improved to 7.5% (previously: 7.3%) while market capitalisation grew N54.0bn w/w to N22.6tn.