NEM Insurance Nigeria Plc, Neimeth International Pharmaceuticals Plc, Trans-nationwide Express Plc and Nestle Nigeria Plc also appeared on the top losers’ chart shedding 7.83 percent, four percent, 3.85 percent and 3.60 percent, respectively.
However, the Nigerian Stock Exchange started the year on a bullish note as the NSE All-Share Index gained 2.46 per cent in the first trading week of the year. Thus, the market recorded 58 gainers and 11 losers.
Sterling Bank Plc started the year as the top gainer, after closing the week with a 30.56 percent price appreciation, pushing its price up to N1.41. The counter was closely trailed by FCMB Group Plc, Diamond Bank Plc, Skye Bank Plc, and Eterna Plc, which appreciated respectively by 28.38 percent, 26 percent, 22 percent and 21.81 percent.
The banking sector remained the key driver of last week’s market performance as price appreciations were noted on several banking stocks. “We expect the present market mood to be sustained in the coming week, although, with pockets of selloffs on counters that have gained last week,” analysts at Meristem Securities said in a weekly post.
For the fixed income market, the average money market rate increased significantly last week, as the open buy-back and overnight rates gained 14.5 percent apiece to close at 18.33 percent and 19 percent, respectively.
Consequently, the average money market rate advanced by 14.5 per cent, to settle at 18.67 per cent. During the week, the Central Bank of Nigeria held the first Treasury Bills Primary Market Auction for the year, where instruments worth N127.61bn matured and a total of N148.86bn was issued in the 91-day, 182-day, and 364-day.
The auction was oversubscribed, as bearish sentiments characterized the T-bills space, as the average T-bills yield advanced by 0.47 percent, to settle at 14.52 percent.