Nigerian Bourse Sheds 0.09% on Banking Stocks

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As NIBOR Rises amid Renewed Liquidity Strain…

Today, the Nigerian bourse lost 0.09% amid renewed profit taking activity. This was despite the Exchange recording 29 gainers as against 14 losers.

Shares such as Guaranty Trust Bank Plc, Access Bank Plc and FCMB Group Plc dragged the NSE Banking index down by 0.54%.

Consequently, market capitalization closed lower at N11.24 trillion while the year-to-date loss of the ASI increased to 19.53%.

In the money market, NIBOR rose for most tenor buckets amid renewed liquidity strain; however, NITTY fell for most maturities tracked amid renewed buy pressure.

Elsewhere, OTC FGN bond prices rose for all maturities tracked amid buy pressure while FGN Eurobond prices fell for all maturities tracked on continued bearish trend.

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