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The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 2.41% WTD to close at an index level of 28,566.79 and Market capitalization at N13.92 trillion.

However, the Sectoral Performance was negative with profit taking seen across all sectoral indexes with the exception of Banking index which went up by 0.78% owing to significant price appreciation in UBN (+9.49%) and UNITYBNK (+4.84%). The Increase in Union Bank of Nigeria (UBN) could be attributed to the rumour regarding a possible merger between the bank and Access Bank Plc.

During the week, Airtel Africa Plc listed 3.76 billion ordinary shares at an offer price of N363 per share on NSE Mainboard. However, the stock closed the week at N323.50 per share, a 11% fall from its listing price. This shows weak investors sentiments towards the stock.

READ MORE: Access Bank’s Chief supports CBN’s new policy to encourage lending

In the global space, the most selected market closed in the red region with the exception of the US market that witnessed a positive momentum during the week as investors remained largely optimistic about easier monetary policy despite a rise in inflation.

READ MORE: Financial Expert lists 5 things to consider before taking any loan

Money Market Rate: The average money market rate went down by 1.65% to settle at 2.57% from 4.22% in the previous week due to buoyant system liquidity seen during the week as CBN continued to hold off on the issuance of OMO.

The Open Buy Back (OBB) and Overnight rate (OVN) fell to 2.21% and 2.93% from 3.86% and 4.57% respectively in the previous week. Major inflow for the week included: OMO Maturity of cN184bn while major outflow included Weekly Wholesale, Invisible and SME FX auction of $210mn.

Barring issuance of OMO this week, we expect the market to remain stable.

READ MORE: MTN Nigeria gains 10% on first day of trading


Anchoria Asset Management is a subsidiary of VFD Group, a financial service holding company with interests in consumer finance, auto lending, currency exchange, asset management, international remittance, real estate development, and proprietary investment management.

Anchoria Asset Management Limited
5th Floor, Elephant House
214, Broad Street
Investment Research research@anchoriaam.com +234 908 720 6076
Wealth Advisory investor-relations@anchoriaam.com +234 818 889 9455


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