Market Report 21st of October 2014. Recovery on the floor of the local Bourse was sustained, as investors took advantage of equities in the oversold region. Positive sentiments towards key stocks led by NB (+39.33pts), ZENITHBANK (+20.04pts) and DANGSUGAR (+17.99pts) kept the main tracker above its previous close and ensured an intra-day high of 38847.52pts. At the close of the session, the All Share index rose +0.29% to close at 38,776.67points. Also reflective of improved investor confidence, market capitalization was up N37.6 billion to close at N12.80trillion. The Naira weakened against the US Dollar on the back of increased demand for the Greenback which persisted in today’s session. As a result, the local currency closed today at N165.45 against the U.S Dollar, a 0.15% decline from previous close. Across all tenors, lending rates trimmed 23bps to an average of 12.76% save for the Overnight rate which closed at 11.03%, a 16bps rise from its previous level. Both the 30day and 90day NIBOR declined by 34bps and 37bps to close at 12.59% and 13.35% respectively.
Posted on: Tue, 21 Oct 2014 15:42:34 +0000
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