BY BAMIDELE FAMOOFO
The domestic stock market index surged by 2.03 percent on Thursday to settle at 49,661.87 points, with the Exchange recording 18 gainers and 11 losers at the close of the trading session. As a result, the NGX ASI’s year-to-date gain increased to 16.26 percent.
Share prices of MULTIVERSE, AIRTELAFRI, OANDO, BUAFOODS, UBA and NESTLE appreciated by 9.52 percent, 7.06 percent, 4.17 percent, 3.33 percent, 1.43 percent, and 0.34 percent, respectively, indicating a bullish market mood. Four of the five indexes tracked ended in positive territory, with the exception of the NGX Industrial index, which declined by 0.01 percent.
The NGX Banking index, NGX Insurance index, NGX Consumer Goods index, and NGX Oil/Gas index all rose by 0.19 percent, 0.35 percent, 0.76 percent, and 0.65 percent, respectively.
Meanwhile, trading activity was mixed, with the number of shares moved expanding by 35.15 percent to 167.57 million units.
However, the total value decreased by 18.08 percent to N2.76 billion.
At the most recent auction, the CBN hiked all T-bill rates, which appeared to be in line with market forecasts of higher rates, sustaining sell pressure in the secondary market.
Elsewhere, NIBOR moderated for the majority of maturities tracked as banks with liquidity requested lower rates, as the open buyback rate fell 2bps to 14.67 percent, while the overnight lending rate stayed at 15 percent. In the OTC bond market, the values of FGN bonds were muted for all maturities tracked. Meanwhile, the value of FGN Eurobonds rose for most maturities tracked on sustained demand pressure.
