Nigeria’s total debt as at the first quarter of 2019 grew by 2.30% to NGN24.95 trillion (Q4 2018: NGN24.39 trillion), taking the nation’s debt as a percentage GDP to 19.03%.
The increase stemmed from both domestic and foreign debt which grew by 2.7% and 1.3% respectively, with the ratio of domestic to external debt settling at 68.49% to 31.51% at the end of the period.
It is expected that the government will access the Eurobond market this year with a view to bridging the budget deficit.
Meanwhile, despite the listing of AIRTELAFRI at the start of the week, sentiments remained weak, as the All Share Index of the Nigerian Capital Market extended losses from the previous week, declining 2.4% to close at 28,566.79 points. Thus, the MtD and YtD losses worsened to 4.7% and 9.1% respectively.
Analyzing by sectors, the Consumer Goods (-9.5%) bore the brunt of the losses, with NESTLE (-7.8%) declining to its lowest since October 2017.
The Oil & Gas (-3.1%), Insurance (-2.4%), and Industrial Goods (-2.0%) indices followed suit. The Banking (+0.8%) index was the sole gainer, following bargain hunting on GUARANTY (+2.6%).
A total turnover of 988.491 million shares worth N13.839 billion in 16,414 deals were traded during the week by investors on the floor of the Exchange in contrast to a total of 1.025 billion shares valued at N9.911 billion traded the previous in 19,375 transactions.
The Financial Services industry (measured by volume) led the activity chart with 769.350 million shares valued at N7.238 billion traded in 8,530 deals; thus contributing 77.83% and 52.30% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 55.223 million shares worth N92.483 million in 719 deals.
The ICT Industry followed with a turnover of 42.080 million shares worth N4.144 billion in 839 deals. Trading in the Top Three Equities namely, Zenith Bank Plc, FBN Holdings Plc and Wapic Insurance Plc (measured by volume) accounted for 348.839 million shares worth N3.520 billion in 2,703 deals, contributing 35.29% and 25.44% to the total equity turnover volume and value respectively.
Eighteen equities appreciated in price during the week, lower than Twenty-one in the previous week. On the losers chart, thirty-nine equities depreciated in price, lower than Forty-four equities in the previous week, while one hundred and eleven equities remained unchanged, higher than one hundred and three equities recorded in the preceding week.
Experts in the Market say outlook for equities in the short to medium term should remain conservative, amidst the absence of any catalyst to drive positive market returns.
