What a quarter! The year commenced on a high with NSE ASI recording stellar performances to top global markets as best performing index for weeks back to back.
The market benefited from a liquidity surge arising from poor T-bill rates that positioned the equities market as the only destination for real returns.
Then came a ‘liquidity burst’, the CBN turned up on 24th January to arrest over N800 billion from the system with an increase in CRR from 22.5% to 27.5%. The increase stifled the flow of cheap funds into the equities market, leading to eight consecutive trade days of losses.
Then came Corona … what a quarter!
Today, the All Share-Index (ASI) declined by0.14%to nail its first-quarter performance at -20.65%.