As NIBOR Rises for all Tenor Buckets amid Renewed Liquidity Strain…
Bearish sentiment continued to dominate the market as the All-Share Index (ASI) moderated by 0.63% to close at 40,212.19 points; hence, the year-to-date gain of the NSE ASI plunged to 0.14%.
We witnessed major sell-offs across tickers as the number of losers (30) outnumbered the gainers (10).
Specifically, heavy weight stocks such as MTNN, FLOURMILL, ZENITHBANK, WAPCO and GUARANTY moderated by 0.94%, 4.67%, 3.60%, 1.73% and 1.94% respectively as investors sold off to take advantage of rising yields in the fixed income market.
Similarly, losses were broad based across sub-sector gauges tracked as they all closed in red zone; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices fell by 2.60%, 1.54%, 0.51%, 0.20% and 0.13% respectively.
Meanwhile, trading activity was upbeat as total deals, volume and value of stocks traded rose by 21.77%, 74.56% and 79% to 4,972 deals, 0.42 billion units and N4.7 respectively.
Elsewhere, NIBOR rose for most tenor buckets amid renewed liquidity strain; albeit, NITTY fell for most maturities tracked.
In the OTC bonds market, the values of plain vanilla FGN bonds moderated for most maturities tracked; however, the value of FGN Eurobond rose for most maturities tracked