Despite improved numbers in 2020 full year result churned out by quoted companies, sentiments remained weak in the equities market, as losses recorded in the shares of most highly capitalised stocks, especially Dangote cement, BUA cement and MTN Nigeria pulled the All Share lndex by 0.69 per cent .
Last week, performance in the Secondary T-bills market liquidity levels remained strong all week to close at ₦602.6 billion despite the auctions. On market performance this week, Vetiva research, said: “Given that both the MPC meetings and monthly bond auction are scheduled for next week, we expect the market to open the week on a quiet note, with most players waiting on the side-lines in anticipation of these two events.
“With the expectation of further uptick in yields on short-dated instruments in the Fixed Income market, we anticipate further pressure in the equity market in the near term.”A review of market performance last week showed that sell pressures persisted on the NSE as more highly capitalised stocks depreciated in price, resulting to a further slide in market capitalisation by N45 billion.
Market capitalisation appreciated by N83 billion to close at N20.259 trillion while the ASI grew by 158.97 absolute points, representing an increase of 0.41 per cent to close at 38,720.81.