Local equities returned to winning ways as the local bourse recorded more than three gainers for every stock that lost value.
This resulted in an increase of the twin market performance measures, NSE ASI and market capitalisation, by 91.5 bps each. Most sectored gauges increased, save for the NSE Industrial Index which fell by 0.49%.
Shares of major petroleum products marketers, Forte Oil, Total Oil Nigeria, and Mobil Oil Nigeria, appreciated by N10.50, N9.19 and N5.57 to close at N220.50, N159.60 and N160.66 per share respectively.
However, fast moving consumer goods maker, Unilever Nigeria, retreated by N1.22 to close at N36.00 while shares of major cement manufacturer, Wapco (Lafarge Africa) lost N1.00 to close at N68.00.
The building materials maker announced that its Board of Directors (BOD) approved the acquisition of additional 50% equity interest in United Cement Company of Nigeria Limited on the same terms as the acquisition of the initial 35%. In compliance with an earlier shareholders’ resolution on 09, July 2014, the BOD also approved the issue of 413.175,709 ordinary shares of Lafarge Africa as full consideration for the acquisition.
Nigerian interbank treasury bills true yields (NITTY) moved in mixed directions – yields on 1 month and 3 months decreased to 4.28% and 8.09% respectively, while 6 months and 12 months yields further increased to 10.89% and 13.02% respectively. Meanwhile, Nigerian interbank rates increased across all tenor buckets on sustained financial system liquidity strain – NIBOR for overnight funds, 3 months and 6 months increased to 2.13%, 0.29% and 0.24% respectively.
Bond prices generally closed downbeat on sustained sell pressure – 10-year, 16.39% FGN JAN 2022 paper; 7-year, 16.00% FGN JUN 2019 debt and 5-year, 15.10% FGN APR 2017 debt fell by N0.45, N1.91 and N0.21 respectively (corresponding yields rose to 13.68%, 13.68% and 11.79%).
Meanwhile, Nigerian Eurobonds appreciated further on sustained bargain hunting activity – the 10-year, 6.75% JAN 28, 2021 paper and 10-year, 6.38% JUL 12, 2023 debt gained USD0.94 and USD1.11 (yields fell to 6.94% and 7.29% respectively).
Cowry assets