NSE ASI Surge by 287bps on Sustained Bargain Hunting;

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as NIBOR Falls amid Sustained Liquidity Ease…

The Local bourse rallied by 2.87% amid sustained bargain hunting activities, despite printing 20 losers as against 16 gainers at the close of business today.

Also, symbols such as GUARANTY, FO and DANGCEM rose by 2.96%, 8.81% and 3.93% respectively, lifting the NSE Banking, NSE Oil & Gas and NSE Industrial gauges by 0.94%, 0.53% and 2.08% respectively.

Hence, the year to date losses of local stocks contracted further to 3.86% from 6.54%. Similarly, the total value of equities traded surged by 116.66% to N17.19 billion; as did the total volume of equities traded which ballooned by 56.51% to 335.60 million units.

Meanwhile, NIBOR fell for most maturities tracked on sustained liquidity ease; however, NITTY rose for most tenure bucket amid renewed sell pressure.

In the bonds market, the value of OTC FGN long term debts moved in mixed directions while the FGN Eurobond prices rose for most across board on sustained buy pressure.

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