as NITTY Becomes Less Attractive…
Investors in Nigerian equities market remain excited as they witnessed strong bullish activity today; the All Share Index (ASI) surged by 3.54%.
We saw investors put in more funds in the shares of DANGCEM, FLOURMILL and ZENITH even as the Exchange printed higher number of gainers (increased to 37 from 26).
As the local bourse sustained eight consecutive days of boom, the NSE Industrial, NSE Banking and NSE Insurance revved by 6.07%, 3.87% and 2.72% respectively.
Consequently, the year to date gain of the NSE ASI leaped to 6.41% from 2.78%.
Similarly, the total value of stocks traded increased by 58.36% to N9.22 billion as investors scrambled for banking stocks amid good dividend yields.
Elsewhere, NITTY fell further for most maturities tracked, making fixed income yields less attractive to investors.
Also, NIBOR fell for most tenor buckets amid financial liquidity ease.
In the bonds market, the values of OTC FGN bonds traded at premium for all maturities tracked amid sustained positive investor sentiment.