Lagos Bourse closes 0.09% Lower as NIBOR Rises Amid Sustained Liquidity Squeeze…

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The Nigerian Stock Exchange closed 0.09% lower at the sound of the closing gong today, registering 19 losers led by ARBICO as against eight gainers led by DANGSUGAR; consequently, the year-to-date loss of local stocks worsened to 14.37% from 14.29%.

Three of the five sectored gauges closed in the red territory: NSE Banking, NSE Insurance and NSE Oil/Gas sectored gauges declined by 0.67%, 2.52%, and 0.03% respectively with stocks such as UBA, CORNERST AND OANDO moderating by 0.72%, 10.00% and 0.28% respectively.

Meanwhile, market activity was upbeat as total deals, transaction volumes and Naira votes swelled by 26.34%, 83.60% and 164.26% to 3,842 deals, 207.26 million shares and N2.85 billion respectively.

Elsewhere, NIBOR increased for most tenure buckets amid liquidity strain; however, NITTY dwindled across board amid buy pressure.

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

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