; NIBOR Falls on Sustained Liquidity Ease…
At the close of trade, the local stocks revved by 1.07% as investors take advantage of the lower share prices. Also, the Exchange recorded 26 gainers against 16 losers even as the industrial sector remained the toast of investors, up by 1.70%.
Hence, the year-to-date loss of the NSE ASI deflated to 3.09%.
However, we feel the price rally which has lasted for five consecutive trading sessions might be short-lived, given the hovering political risk, thus, cautious buying before February election is advised.
In the money market, NIBOR fell for all tenor buckets amid sustained ease in financial system liquidity; also, NITTY decreased for all maturities tracked on renewed investors’ interest for short term fixed income asset.
In the bond market, value of the FGN long term notes appreciated amid sustained buy pressure in the domestic OTC market as did FGN Eurobonds at the international capital market.