Local Equities Slide by 0.91% amid Sustained Bearish Pressure…

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images

as NGN T-Bills Stop Rates Retrace Northwards

The domestic stock market sank lower by 0.91% as equities bled from sustained bearish activities that also resulted in 18 losers as against only ten gainers.

Telecoms giant, MTNN, led the losers having shed 4% to close at N120 a share. Similarly, shares of banking major, GUARANTY, weakened by 2.90% to drag the NSE Banking index lower by 1.26%. Consequently, the year to date gain of NSE ASI moderated to 8.45% from 9.45%.

Meanwhile, total deals, transacted volumes and Naira votes fell by 22.03%, 3.26% and 4.91% to 3,556, 242.76 million shares and N4.59 billion respectively.

Elsewhere, stop rates on Federal Government T-bills retraced northwards to 3.5%, 4.5% and 6.5% for 91-day, 182-day and 364-day bills respectively as investors bid for higher yields; given increased offer amounts, especially for the 182-day and 364-day maturities.

In the bonds market, the values of FGN Eurobonds appreciated (and yields fell) for most maturities tracked amid bullish activity.