Stock Exchange Index Rebounds Strongly by 1.09% as Investors Speculate on MTNN

The Lagos bourse rebounded by 1.09 per cent on renewed bullish activity to close at 22,789.64 points as the Exchange recorded 19 gainers against 14 losers.

The year to date loss of the NSE ASI moderated to 15.09 per cent. Banking and Oil/Gas stocks remained the toast of investors as share prices of Guaranty Trust Bank,  UBA, Eterna Oil  and Oando appreciated by 6.63 per cent , 0.94 per cent , 9.90 per cent  and 9.95 per cent  respectively.

The NSE Banking and Consumer Goods indices rose by 2.07 per cent  and 0.84 per cent ; however, the NSE Insurance, NSE Consumer goods and NSE Industrial indices tanked by 0.83 per cent , 1.53 per cent  and 1.00 per cent  respectively.

NIBOR rose for most maturities on renewed liquidity strain. NITTY moved in mixed directions as T-bills stop rates declined for all maturities on Wednesday.

Stop rates for 90-day, 182-day and 364-day fell to 2.30 per cent, 3.40 per cent and 4.60 per cent respectively.

 In the OTC bonds market, the values of FGN bonds rose for most maturities; however, FGN Eurobond moderated for all maturities tracked on sustained bearish activity as crude oil prices moderate further.