The Nigerian Stocks Exchange market capitalisation which represents the market value of all listed companies lost N628 billion in the first quarter of the year.
However, Nigerian equities have since maintained a southward direction, lost 5.6 pr cent in February and 1.9 per cent loss in March. Yields on fixed income instruments which were depressed last year have been on an upward trajectory in 2021 amidst strong local demand for higher yields and the need to attract foreign interest in Nigerian securities amid a dollar shortage. Notably, the recent Bond, NTB and OMO auctions have seen yields track higher and this has affected the market.
Also, sector performance was bearish as most indices closed the period on decline as at March 26, 2021. NSE Banking index depreciated the most by 7.92 per cent. NSE Lotus II index followed with a decline of 6.28 per cent, while NSE Industrial Goods index shed 6.05 per cent.NSE Consumer Goods, NSE Premium, NSE 30 and NSE Pension indices recorded a decline of 5.91 per cent, 5.09 per cent, 4.85 per cent and 2.22 per cent, respectively in Q1.