Market Report 7th of August 2014. The All Share Index appreciated yesterday by 0.64% to settle at 42,612.33 points. Intraday, the index weakened to 42,319.13 points and persisted at this level throughout the early hours of trade. The duo of ETI and GUARANTY however buoyed the ASI to its positive close as investors reacted to the positive Q2 2014 earnings of the former, and took position ahead of corporate actions announcement of the latter. Market capitalization at the close of the session stood at N14.07 trillion rising by N89.98 billion. The Naira weakened against the major foreign currencies as the absence of inflows from the oil sector and the mounting demands from market participants increased demand for the greenback. The local currency exchanged for N162.35 against the U.S Dollar, declining 0.50%. The average NIBOR contracted by 77bps across tenors amidst the high liquidity in the system, to close at 12.85%. The contraction was driven majorly by the overnight rate which shed 146bps from its previous level to close 10.96%. The 180 day NIBOR also declined 68bps to settle at 14.20%.
Posted on: Fri, 08 Aug 2014 08:08:21 +0000
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