Local Bourse Index Rises by 0.12% amid Sustained Bullish Activity


As NIBOR Declines for Most Tenor Buckets amid Sustained Liquidity Ease…

The week started on a positive note as the local bourse All Share Index (ASI) rose marginally by 0.12%; albeit, the number of losers (29) outweighed the number of gainers (18) at the close of trade.

Hence, the year to date loss of the NSE ASI moderated to 7.38%.

Investors demand for consumer goods and insurance stocks, such as NESTLE, OKOMOOIl, UACN and WAPIC led to an increase in their respective indices by 1.86% and 0.23%.

However, it appeared sentiment remained weak in the equities market as performance of three sub-sector gauges were bearish.

The NSE Banking, NSE Oil/Gas and NSE Industrial Indices declined by 1.24%, 0.62% and 0.14% respectively.

Meanwhile, the value of stocks traded dwindled by 24.06% to N1.63 billion units.

Elsewhere, NIBOR moderated for most tenor buckets amid sustained liquidity ease; however, NITTY moved in mixed directions across maturities.

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

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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