Local Equities Market Halts Bearish Trend as Index Ga.ins 0.23%


NIBOR Rises for most Tenor Buckets amid Renewed Liquidity Strain…
The local bourse rebounds by 0.23% to close at 41,147.72 points amid renewed positive sentiment on bellwether stocks.

Bulls dominated the market today as the Exchange printed 55 gainers against 16 losers; hence the year-to-date gain of the NSE ASI advanced to 2.17%.

Notably, bellwether stocks such as WAPCO, MTNN, ZENITHBANK and FLOURMILL were investors toast today; hence, their respective share prices rose by 8.16%, 0.12%, 0.38% and 1.56%.

Of the five indices tracked, four closed in positive territory save for the NSE Banking index which fell by 0.23%. The NSE Insurance, NSE Consumer Goods, NSE oil/Gas and NSE Industrial indices increased by 2.52%, 0.21%, 0.45% and 0.50% respectively.

Meanwhile, activity in the market was mixed as total deals and volume of stocks traded rose by 5.55% and 23.74% to 6,296 deals and 0.64 billion units; however, the value of stocks moderated by 13.59% to N4.6 billion respectively.

Elsewhere, NIBOR inched higher for most tenor bucket amid renewed liquidity strain; albeit, NITTY moved in mixed directions across maturities tracked.

In the OTC bonds market, the values of FGN bonds were flattish for most maturities tracked; however, the value of FGN Eurobond moved in mixed directions across
maturities tracked.