Nigerian Equities Market Falls by 43 bps on Banking Stocks

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As NIBOR Rises on N425.66 billion OMO Sales…

The Nigerian equities market fell 43 bps amid increased sell pressure which produced 29 losers against only 11 gainers.

NSE Banking Index declined the most by 0.93% following major losses on shares of Zenith, Access and Diamond. Similarly, the NSE Oil/Gas Index and NSE Industrial Index shed 0.76% and 0.50% amid losses on shares of Total and CAP respectively.

Consequently, the year-to-date loss of the market worsened to 2.52%. In the money market, NIBOR increased for all placement tenors on renewed liquidity strain following OMO sales worth N425.66 billion; while NITTY moved in mixed directions.

In the bond market, FGN bond prices appreciated for most maturities amid sustained bargain hunting in both the local FGN OTC market and the international bond market for Eurobonds.

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