NSE ASI Rebounds by 0.09% amid Renewed Bargain Hunting

The local equities market rebounded by 0.09% on Monday, amid renewed bargain hunting activity starting  the trading week on a positive note, even as the exchange recorded 11 gainers as against eight losers.

Also, the NSE Insurance and NSE Industrial gauges moved northwards by 1.85  per cent, and 0.20 per cent   respectively, as share prices of  Mansard, Dangote Cement, Nestle and UBA rose by 6.25 per cent , 0.55 per cent , 0.01 per cent  and 1.69 per cent  respectively.

Consequently, the year to date losses of local stocks contracted to

15.50 per cent from 15.58 per cent.

Meanwhile, the total value of equities traded rose by 82.46 per cent  to N2.74billion while the  total volume of equities traded increased by 9.96 per cent  to 129.08million units.

Elsewhere, NIBOR increased across tenure bucket amid renewed sustained liquidity squeeze; however, NITTY dipped for most maturities tracked amid renewed bullish activity.

The value of OTC FGN long term bonds moved in mixed directions across maturities; however, the FGN Eurobonds prices fell for most maturities tracked on renewed sell pressure.