NSE still higher currently backed by lower NIBOR and a slightly stonger Naira.
May 30 (Thursday) - The European debt crisis seems to be engulfing even the bigger economies of Europe as Spain's debt fears rocked the European stock markets this morning. London FTSE is down 1.45%, Germany's DAX is down 1.12% while France's CAC is down by 1.30%. The Euro weakened against the US Dollar to 1.24 while oil prices declined to below $90 a barrel in New York on the stronger Dollar.
The Nigerian Stock Exchange (NSE) is currently higher by 0.25% even as European shares slide. NIBOR rates declined over the weekend on Monday. Naira is stronger today at N 159.12 against the US Dollar as CBN is expected to provide Dollar liquidity in the market to day.
We hope the bullish trend coninues today and beyond but does not seem likely given the worsening situation on Europe.
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BullishINTERNATIONAL BREWERIES PLCUNION DICON SALT PLC.DANGOTE CEMENT PLC
BearishN.E.M. INSURANCE CO. (NIG.) PLC.JOHN HOLT PLCLAW UNION AND ROCK INSURANCE PLC.
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