; NIBOR Rises amid Liquidity Squeeze…
The Nigerian stock market rose by 0.16% as gains by 19 stocks sustained the equities market rally today. High caps, such as shares of NESTLE and GUARANTY which grew by 2.82% and 1.76% respectively, lifted the NSE Consumer Goods and NSE Banking indexes by 1.25% and 0.57% respectively while NSE Insurance index rose by 0.45%.
Also, banking sector stocks were mostly sought after – especially FBNH and ZENITH –, thus, the two stocks accounted for 40% of the traded value that rose by 65.02%. Consequently, year-to-date loss of the NSE ASI moderated to 1.94%. Meanwhile, NIBOR rose for all tenor buckets amid renewed financial system liquidity squeeze; however, NITTY rose for maturities tracked amid renewed sell pressure.
In the bond market, value of the OTC FGN long term debts moved in mixed directions across maturities tracked; however, FGN Eurobonds rose for all maturities tracked amid renewed buy pressure.