Nigerian stocks Index up 1.25% amid Sustained Bullish Activity..

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As NIBOR Falls for all Tenor Buckets amid Renewed Liquidity Ease.

The local Bourse All Share Index (ASI) rose by 1.25% to close at 34,769 points amid sustained bargain hunting activity even as the Exchange recorded 37 gainers as against 11 losers at the close of trading session.

Hence, the year to date gain of the NSE ASI climbed to 29.53%. Specifically, blue-chip stocks such as AIRTELAFRI, DANGCEM, WAPCO, GUARANTY and ZENITHBANK were the toast of investors today; hence their share prices appreciated by 1.90%, 2.60%, 3.37%, 1.17% and 1.66% respectively.

Sectorial Performance was positive as four out of the five indices tracked closed in green; the NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Industrial indices rose by 1.59%, 1.38%, 0.74% and 1.58% respectively.

On the flip side, the NSE Oil/Gas index fell by 0.56%. Meanwhile, market activity was upbeat as the total volume and value of stocks traded rose by 19.02% and 47.35% to 0.43 billion units and N6.9 billion.

Elsewhere, NIBOR moderated for all tenor buckets amid renewed liquidity ease; however, NITTY was flattish for most tenor bucket.

In the OTC bonds market, the values of FGN bonds moved in mixed direction across maturities tracked; however, FGN Eurobond rose for all maturities tracked.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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