Market Insight 02 August 2016  
  NSE ASI Sheds 4 Bps as Nestle Nigeria Shares Weaken, Tuesday NSE Market Summary Local equities were generally battered as 17 losers were recorded against 26 gainers. NSE ASI and market capitalisation fell by 4bps as shares of high caps, Nestle Nigeria and Seplat Petroleum Development Company, closed on the downside. Shares of Zenith Bank, Guaranty Trust Bank and Stanbic accounted for 41% of total Naira votes. Gainers & Losers Shares of Dangote Cement, Guinness Nigeria, PZ Pharmaceuticals, and Oando Plc gained N3.00, N1.00, N0.85 and N0.51 to close at N183.00, N94.00, N18.45 and N5.58 respectively. Conversely, shares of Nestle Nigeria, Seplat Petroleum Development Company and Forte Oil depreciated by N21.30, N14.89 and N7.80 to close at N816.20, N282.94 and N167.00 respectively. Market News Oando Plc (6 Months, June 2016) The oil company recorded a year-on-year increase in revenue by 27.90% to N116.24 billion. However, they recorded a decrease in loss after tax of 22.91% to N26.991 billion in 2016. Interbank Money Market Nigerian Interbank Treasury Bills True Yields (NITTY) rose for most maturities on the back of sell pressure – yields on 1 month and 3 months and 12 months rose to 17.04%, 17.88% and 23.78% respectively; however, the yield on 6 months maturity fell to 18.81%. In the same vein, NIBOR rose for all of the maturities amid liquidity strain – NIBOR for overnight funds, 1 month, 3 months and 6 months tenor buckets rose to 16.33%, 17.96%, 19.42% and 21.97% respectively. FGN Bond Market – OTC NG & Eurobonds Bond prices moved in mixed directions across the maturities – 20-year, 10.00% FGN JUL 2030 bond rose by N0.24 (yield fell to 15.20%). However, 7-year, 16.00% FGN JUN 2019 debt fell by N0.08 (yield rose to 15.46%). Elsewhere, Nigeria’s eurobond prices fell across all maturities on profit taking – 10-year, 6.75% JAN 28, 2021 bond and 5-year, 5.13% JUL 12, 2018 bond fell by USD0.31 and USD0.15 respectively (corresponding yields fell to 6.60% and 4.75% respectively ).  
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