Investors Bullish on Banking Stocks Spur Equities Market Rises by 1.09% on Sustained Bullish Activity

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NIBOR Declines for All Tenor Buckets amid Renewed Liquidity Ease.…

The Local Bourse All Share Index (ASI) appreciated by 1.09% amid sustained bargain hunting activity even as the Exchange recorded 29 gainers as against 8 losers at the close of trade.

Investors were more bullish on banking stocks as share prices of Zenithbank, Guaranty and Access advanced by 2.26%, 2.425 and 3.12% respectively; hence the NSE Banking index rose by 2.08%.

Similarly, the other sub-sector gauges closed northwards; the NSE Insurance, NSE Consumer goods, NSE Oil/Gas and NSE Industrial indices rose by 0.41%, 0.33%, 0.24% and 0.78% respectively.

Consequently, the year to date loss of the NSE ASI settled below double digits to 9.83%.

Meanwhile, the volume and value of shares traded rose by 2.65% and 33.86% to 0.33 billion units and 3.9 billion. Elsewhere, NIBOR declined for all tenor buckets amid renewed liquidity ease; however, NITTY rose for most maturities tracked.

In the OTC bonds market, the values of FGN bonds rose for most maturities tracked; also, FGN Eurobond rose for most maturities tracked.

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