Nigerian Equities Market Falls by 0.05%, Partly Reversing Yesterday’s Gain

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Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images

As FGN Eurobond Bounces Back Strongly, Appreciates for All Maturities Tracked…

The NSE All Share Index (ASI) Falls Marginally by 0.05% despite the Exchange recording 21 gainers as against 7 losers at the end of trading session today.

Consequently, the year to date loss of the NSE ASI increased to 19.05% as we rightly noted yesterday, in our daily market insight analysis, that the bullish
activity would be short-lived amid increases in COVID-19 cases and sustained low crude oil prices.

Specifically, share prices of TOTAL and MTN moderated
by 10.00% and 2.91% respectively; hence, dragging the NSE Oil/Gas down by 1.01%.

Elsewhere, market activity was weak as volume and value of stocks
traded tanked by 29.27% and 37.25% to 0.23 billion units and N2.24 billion respectively.

Meanwhile, NIBOR rose for most tenor buckets amid sustained
liquidity strain; also, NITTY rose for most maturities tracked amid investor’s reaction to partial shutdown in more states in Nigeria.

In the OTC bonds market, the values of FGN bonds were flattish for most maturities for tracked. However, FGN Eurobond appreciated for all maturities tracked.

 

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