Market Last Week (Our Observation)
The domestic equities market opened
Q4:2018 bearish, as the All Share Index declined 1.2% W-o-W to 32,383.15
points while YTD loss worsened to 15.3%.
Across sectors, performance was equally
bearish as 4 of 5 indices under our coverage closed in the red. The
leading loser was the Insurance index, down 1.0%; followed by the Banking
(0.7%), Industrial Goods (0.4%) and Consumer Goods (0.3%) indices. The
Oil & Gas index emerged the lone gainer W-o-W, up 1.1%.
Last week’s top performing stocks were CUTIX (+15.4%), FORTE (+10.2%) and JAPAULOIL (+9.1%)
while NIGERINS (-18.9%),
and NEIMETH (-10.6%)
were the worst performers.
Markets This Week (Our Expectations)
The Afrinvest weekly sentiment indicator
softened to 2.5 points from 3.1 recorded the prior week following a
decline in market breadth.
Due to the sell-offs witnessed in the
prior week, we anticipate bargain hunting in bellwethers this week.
Track to date, the performance of stocks
on our equity watchlist is as follows: UBA (-2.4%), GUINNESS (-1.3%), CUSTODIAN (-1.3%), GUARANTY (-0.4%)
and OKOMU (-3.7%).
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1. Wema Funding SPV Series II Bond Issuance Closes Today
Bond Market Trades on a Bullish Note Last Week With
Yields Falling Across All Maturities
Funding Rates Spike Following Drain in System Liquidity
CBN Mops up System Liquidity in c.N553bn OMO Sale
Seplat Eurobond Surges amid Uptrend in Oil Prices
Bond Yields Compress Further as Traders Pull Back on
October 2018 FGN Savings Bond Offer for Subscription
T- Bills Market Reverses Bullish Run as PMA Holds
Money Market Rate Increased as Overnight Rate Rose to
10. Bond Yields Test Key Support in Month End Rally
Bond Yields Compress, as Investors Rally the Long End
12. September 2018 FGN Bond Auction Oversubscribed