ASI Down 9%; NIBOR Moves in Mixed Directions …
The Nigerian equities market tanked by 9%, reversing yesterday’s gain, on renewed sell-offs to close the week red
At the end of trades, there were 19 losers against 18 gainers while on a year- to-date basis, the loss of the All Share Index rose to 15.80%.
Pummeled shares of Cement Company of Northern Nigeria Plc and Access Bank Plc dragged down NSE Industrial and NSE Banking indexes by 1.07% and 0.65% respectively.
Meanwhile the NSE lifted its suspension on shares of FTN Cocoa Processors Plc today.
In the money market, NIBOR moved in mixed directions across tenor buckets while NITTY rose for all maturities amid sustained sell pressure.
In the bond market, OTC FGN Bonds fell for most maturities tracked as did FGN Eurobonds for all maturities tracked amid bearish activity.