Friday, October 22, 2021

    NSE ASI Moderates by 0.63% amid Rising Yield in the Fixed Income Space

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    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

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