Market Capitalization Adds N1.8trillion on MTNN’s Listing; NIBOR, NITTY Fall amid Sustained Liquidity Ease…

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The Local bourse rebounded by 0.54% amid renewed bargain hunting activities putting a halt to the three consecutive trade sessions of bearish run. Also, as the telecoms giant, MTN Nigeria, listed it’s 20.4 billion units today, the total volume of equities traded surged by 90.63% to 312.36 million units while the total value of equities traded increased by 51.28% to N2.81 billion.

Consequently, the year to date losses of local stocks moderated to 9.52% from 10.00%. However, we saw share price of ZENITH, NB and DANGCEM plummet by 2.25%, 3.85% and 1.12% respectively, dragging the Banking, Consumer Goods and Industrial sectored indices down by 1.71%, 0.83% and 0.97% respectively, even as the exchange printed 25 losers against 10 gainers at the close of business today.

Meanwhile, NIBOR plunged across the board on sustained liquidity ease; as did NITTY which contracted for all maturities tracked amid sustained buy pressure. In the bond market, the value of OTC FGN long term debts rose for most maturities tracked; as did the FGN Eurobonds prices which rose across the board amid sustained demand pressure.

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