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) on Wednesday October 23.
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.
Read also: Nigeria stock market rallies despite inflation concerns
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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