The Lagos Bourse to Rebound This Week after Losing 0.41%

The Lagos Bourse is expected to rebound this new week after Losing 0.41 per cent amid Sustained Sell-off in the last trading week.

This week, analysts say the NSE ASI is expected to rebound amid sustained lower single digit rates in the fixed income space, especially T-bills, which would be less attractive to investors.

“Also, investors maintained a bullish position on the last trading day for the just concluded week, so we expect this positive direction to be sustained in the new week”, analysts said.

Resuming from the Christmas holiday, the stock market, Friday, rebounded by 1.24 per cent amid renewed bullish activity.

In what appears to be a strong bullish run, the Exchange printed 24 gainers as against 10 losers; hence, the year to date loss of the NSE ASI fell to 15.95 per cent from 16.99 per cent.

Amid the rise in the All Share Index, most of the sectored gauges rose.

 For example NSE Banking, NSE Oil/Gas and NSE Consumer Goods indices increased by 0.53 per cent , 1.69 per cent  and 4.81 per cent  respectively. The total value of stocks traded increased by 83 per cent to N3.04 billion. However, total volume of shares traded decreased by 31.41 per cent to 222.51 million units.

Elsewhere, NITTY moderated for all maturities tracked on renewed buy pressure; also, NIBOR moved southwards for all tenor buckets tracked on renewed liquidity ease.

In the bonds market, the values of OTC FGN bonds fell for most maturities tracked amid renewed sell pressure; however, FGN Eurobond prices rose for most maturities tracked, in the international market, on renewed bullish activity.