Local Stocks Rebounded by 0.02% as Investors Remain Cautiously Optimistic

The Nigerian equities market rebounded by 0.02 per cent, signaling weak investor interest in shares. Despite the rise in All Share Index, the Exchange recorded 18 losers as against 17 gainers as some investors’ cherry-picked stocks.

Hence, year to date loss of the NSE ASI marginally reduced to 15.16 per cent from 15.18 per cent even as three of the five indices rose: the NSE Insurance, NSE Consumer Goods and NSE Industrial sectored gauges increased by 0.16 per cent, 0.11 per cent, and 0.01 per cent.

Amid weak investment activity, total value traded moderated by 33.35% to N3.19 billion and the total volume dropped by 29.90 per cent to 232.68 million units.

Elsewhere, NITTY nosedived, for all maturities tracked, towards lower single digit, on sustained demand pressure; also, NIBOR declined for most tenor buckets on sustained liquidity ease.

 In the bonds market, the values of OTC FGN bonds remain unchanged for all maturities tracked; however, FGN Eurobond prices reversed yesterday’s gains for most maturities tracked in the international market.