Local Equities Market Maintains Uptrend as its Index Gains 1.54%

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As NIBOR Rises for most Tenor Buckets amid Sustained Liquidity Strain…

MPR: 11.50%
Nov ’20 Inflation Rate: 14.89% Q3 2020 Real GDP: -3.62%

The domestic market sustained its bullish run by 1.54% to 40,963.14 points amid bargain hunting on large cap stocks.

Notably, the Exchange printed more gainers (49) than losers (7) even as the year-to-date gain of the NSE ASI improved to 1.71%.

Specifically, large cap stocks such as DANGCEM, MTNN, SEPLAT and GUARANTY were the toast of investors today as their respective share prices rose by 3.04%, 1.82%, 8.76% and 1.85%.

Gains were broad based as all the indices tracked closed in green zone; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices appreciated by 2.36%, 5.32%, 0.73%, 5.15% and 1.68% respectively.

Meanwhile, activity in the market was upbeat as total deals, volume and value of stocks traded rose by 17.71%, 72.89% and 27.89% to 6,706 deals, 0.80 billion units and N8.9 billion respectively.

Elsewhere, NIBOR rose for most tenor bucket amid sustained liquidity strain; however, NITTY fell for most maturities tracked amid demand pressure.

In the OTC bonds market, the values of FGN bonds were flattish for most maturities tracked; however, the value of FGN Eurobond rose for all maturities tracked.

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