Nigerian Bourse Rebounds by 1.09% on Shares of Nestle, Access; NIBOR Rises

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Amid Sustained Liquidity Strain…
The Nigerian equities market rebounded by 1.09% amid renewed bargain hunting activities, especially on shares of NESTLE and ACCESS, even as the bulls outnumbered the bears.

Consequently, the year to date loss of the local stocks contracted to 12.25% from 13.20%.

In the same vein, all of the five sub-sector gauges – NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil & Gas and NSE Industrial – closed in the green territory by 0.51%, 3.58%, 4.85%, 5.70% and 0.02% respectively.

Meanwhile, the total volume and value of equities traded plunged by 60.32% and 63.08% to 183.47 million units and N2.93 billion respectively.

Meanwhile, NIBOR rose for most tenor buckets amid sustained liquidity strain; however, NITTY fell for most maturities tracked on sustained bullish activity in the secondary T-bills market.

In the bond market, the prices of OTC FGN bonds were flattish for most maturities tracked while FGN Eurobond prices rallied for all maturities tracked in the international debt market.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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