By Joy Baba-Yesufu
Nigeria’s equities market continued its rally on Tuesday by 0.20 percent ahead of the Central Bank of Nigeria (CBN) Treasury Bills (T-Bills) Primary Market Auction (PMA) today.
A total of N374.67billion worth of maturing T-bills, consisting of N13.14billion in 91-day bills, N11.99billion in 182-day bills, and N349.54billion in 364-day bills, will be rolled over during this auction.
Ahead of the T-bills auction, Meristem wealth managers expect stop rates on the 91-day and 182-day instruments at Wednesday’s auction to hover around current levels, “with a potential uptick in rates for the longer end of the curve.”
At the Nigerian Bourse, banking and insurance stocks helped to push the market higher despite profit taking in oil & gas and consumer goods stocks. The stock market has risen this month by 0.34 percent, this week by 0.84 percent and this year by 32.26 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding day’s lows of 98,690.61 points and N59.801 trillion respectively to 98,892.58 points and N59.923 trillion.
Stocks like Transcorp Hotels (+9.28 percent), UPDC (+6.90 percent), and Coronation Insurance (+9.09 percent) rallied most on Tuesday.
Champion Breweries, Japaul Gold, UBA, FCMB Group and C&I Leasing were actively traded stocks as investors in 6,987 deals exchanged 591.01million shares valued at N24.844billion.
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