Local Bourse Dwindles by 1.53% on Sustained Bearish Streak

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As NIBOR Rises Amid Renewed Liquidity Strain…

The Equities Market continued on its bearish strea.k as it dipped by 153bps to close at 25,816.57 points even as the exchange recorded 28 losers as against 9 gainers.

Consequently, the year to date loss of the Local bourse worsened to -3.82%.

Investors ignored corporate actions bellwethers such as GUARANTY and NESTLE which plunged by 6.10% and 10% respectively thus dragging the NSE BANKING and NSE Consumer goods indexes lower by 3.66% and 5.19% respectively.

Meanwhile, market activity waned as total volume and value of stocks traded declined by 21.87% and 2.67% to 0.32 billion units and N6.02 billion respectively.

Elsewhere, NIBOR rose for most tenor buckets amid renewed liquidity strain while NITTY moderated for most maturities tracked amid renewed bullish activity.

In the OTC bonds market, the values of FGN bonds were flattish for most maturities tracked; however, FGN Eurobond prices rose for most maturities tracked amid bullish activity.

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