As NIBOR Mellows on Liquidity Ease…
Local equities market extended its advance by 1.06% amid sustained bargain hunting.
Industrial stocks, led by DANGCEM which accounted for 25% of total
Naira votes, were the biggest drivers, lifting the NSE Industrial Index by 2.69%.
In the same vein, NSE Banking Index and NSE Insurance Index rose by
1.25% and 1.58% respectively on the back of shares of insurance companies, VERITASKAP and CORNERST, and banking stocks, ZENITH and GUARANTY.
Consequently, YTD loss moderated to 5.09%. Elsewhere, NIBOR fell for most tenor buckets amid renewed ease in financial system liquidity.
Also, NITTY moderated for most maturities tracked on renewed buy pressure.
In the bond market, FGN long term notes climbed northwards in the domestic OTC market as did FGN Eurobonds at the international capital market on renewed bargain hunting.