May 31, 2018/Cowry Asset

The Local bourse lost 130 bps on sustained sell pressure amid political uncertainty, resulting in a negative year-to-date performance of 0.36%.

Weakened shares of Nestle, Wapco and Zenith Bank dragged the NSE Consumer Goods, NSE Industrial and NSE Banking indexes lower by 2.59%, 2.13% and 1.10% respectively.

Stanbic IBTC Holdings accounted for 89% of the value traded following news that its parent company, Stanbic Africa Holdings Limited, recently increased its stake in the local subsidiary from 53.09% to 64.44%.

In the money market, NIBOR & NITTY rose for most maturities tracked amid renewed liquidity strain. Meanwhile, OTC FGN bonds rose for most maturities tracked while FGN Eurobonds fell for all maturities tracked.