Local Equities Market Index Gains 0.02% Amid Sustained Bargain Hunting Activity

Nigerian Stocks Sustain Bullish Momentum
Local Bourse Sustains Bullish Momentum

The domestic bourse resumed the week in positive territory as the index rose marginally by 0.02% to close at 38,220.01 points amid sustained bargain hunting activity; hence, the year-to-date loss of the NSE ASI fell to 5.09%.

Similarly, the Exchange printed more gainers (27) than losers (16) amid investors demand small and mid-cap stocks. Specifically, buying interest in symbols such as STANBIC, UPDCREIT, OANDO, NEM and ZENITH BANK resulted in rising in their respective share prices by 1.86%, 6.19%, 3.65%, 0.50% and 0.42%.

Of the five indices tracked, three closed in the green zone; the NSE Banking, NSE Insurance and the NSE Oil/Gas indices increased by 0.63%, 1.47% and 0.12% respectively.

On the flip side, the NSE Consumer Goods and the NSE Industrial indices fell by 0.39% and 0.06% respectively. Meanwhile, trading activity was positive as total deals and volume of stock traded rose by 47.78% and 35.10% to 4,788 deals and 0.28 billion units respectively.

Elsewhere, NIBOR fell for all tenor buckets amid financial liquidity ease; albeit, NITTY rose for most maturities tracked. In the OTC bonds market, the values of FGN bonds declined for most maturities tracked; also, the value of the FGN Eurobond fell for most maturities