As NIBOR Moderates Amid Renewed Liquidity Ease…
Jan ’20 Inflation Rate: 12.13% Q4 2019 Real GDP: 2.55%
The Local Bourse rebounded by 170bps on ren.ewed bargain hunting activity to close at 26,255.11 points after seven (7) days of consecutive losses experienced at the market.
The exchange recorded 23 gainers as against 12 losers hence, the year to date loss of the Local bourse moderated to -2.18%.
We saw renewed interest and bargain hunting activities on bellwether stocks such as GUARANTY, MTNN and NESTLE which rose by 7.93%, 4.55%, 6.19% respectively.
Consequently, the NSE Banking and NSE consumer goods indexes rose by 7.99% and 1.97% respectively.
Meanwhile, market activity was upbeat as total volume of stocks traded rose by 19.26% to 0.38 billion units although the value of stocks traded waned by 15.77% to N5.07 billion.
Elsewhere, NIBOR moderated for most tenor buckets amid renewed liquidity ease while NITTY rose for most maturities tracked.
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.