Nigerian Equities Market Rebounds by 0.41% as Banking Stocks Rally

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As NIBOR, NITTY Rise amid Renewed Liquidity Squeeze…

The Nigerian bourse rebounded as the NSE ASI advanced by 0.41%, even as the Exchange printed 18 gainers as against 13 laggards at the end of Monday’s trading session.

Counters such as ACCESS, GUARANTY, ZENITHBANK and CCNN gained 3.85%, 3.57%, 0.88% and 3.14% respectively, lifting the NSE Banking and NSE industrial sub-indices higher by 2.49% and 0.65% respectively.

Hence, the year-to-date loss moderated to 16.00% from 16.35%.

Meanwhile, the total volume of traded shares spiked by 45.89% to 368.18 million units; however, the total value of stocks traded fell by 26.08% to N2.77 billion.

Elsewhere, NIBOR rose across tenure buckets amid renewed liquidity strain while NITTY soared for most maturities tracked on renewed profit taking activity.

In the bonds market, the values of OTC FGN papers were flattish for most maturities tracked; on the flip side, FGN Eurobond prices rose for all maturities 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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