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.