YTD Loss of Nigerian Equities Worsen to 4.44% on Sustained Sell Pressure

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As FGN Eurobonds Upbeat on bullish activity…

Nigerian stocks tanked for the fifth consecutive trading session as sell pressure was sustained ahead of the February elections. At the close of business, NSE ASI plummeted by 120 bps as the Exchange registered 28 losers against just 12 gainers.

NSE Banking Index declined the most by 3.57% following major losses on pummeled shares banking giants, GUARANTY and ZENITH. Year-to-date loss of the market worsened to 4.44%.

In the money market, NIBOR continued to trek northwards for most tenor buckets with the overnight funds rate rising by 1.50ppt to 26.46%.

However, NITTY declined across most tenor buckets on renewed bargain hunting. In the bond market, FGN long term debts were generally upbeat (yields fell) in both the domestic OTC market and the international capital market for Eurobonds.

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