Local Bourse Index Plunges by 1.53% amid Renewed Bearish Activity

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As NIBOR Rises for All Tenor Buckets amid Renewed Liquidity Strain…

At the close of Tuesday’s trading session, the local bourse All Share Index (ASI) Plummeted by 1.53% amid renewed profit taking activity even as the Exchange printed 34 losers as against 10 gainers.

Hence, the year to date loss of the NSE ASI worsened to 8.80%. Specifically, the industrial sector suffered the worst hit as its index nosedived by 7.50%.

Investors took profit on BUACEMENT, DANGCEM and WAPCO hence moderating their respective share prices by 10%, 0.78% and 7.41%. Similarly, the NSE Banking, NSE Insurance and NSE Oil/Gas indices dwindled by 1.32%, 0.04% and 0.43% respectively.

On the Positive side, only the NSE Consumer goods index rose by 0.18%.

Meanwhile, market activity was upbeat as the volume and value of stocks traded rose by 76.83% and 91.89% to 0.28 billion units and N3.13 billion respectively.

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

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

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