Domestic Equities Market Plunges by 0.38% amid Renewed Profit Taking Activity

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As NIBOR Rises for Most Tenor Buckets amid Renewed Liquidity Squeeze……

The Local Bourse All Share Index (ASI) dipped by 0.38% amid renewed bearish activity even as the number of losers (17) outweighed that of the gainers (16) at the close of trading session.

Specifically, the NSE Banking Index suffered the most setback, moderating by 2.12% as investors booked profit on GUARANTY, ZENITHBANK, ACCESS and UBA; hence, their respective share prices tanked by 2%, 1.76%, 5.11% and 2.99%.

Similarly, the NSE Insurance and NSE Oil/Gas Indices tanked by 0.28% and 0.39% respectively.

Consequently, the year to date loss of the NSE ASI rose to 5.70%. Meanwhile, market activity was weak as the volume and value of stocks traded dipped by 23.53% and 24.72% to 0.27 billion units and N5.29 billion respectively, despite the 2.5 billion worth of DANGCEM shares that exchanged hands today.

Elsewhere, NIBOR rose for most tenor buckets amid renewed liquidity strain; also, NITTY rose for most maturities tracked.

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

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