NSE Lifts Suspension on Shares of FTN Cocoa Processors Plc

FILE PHOTO: Farmers stand at a cocoa farm in Agboville, Ivory Coast April 24, 2017. REUTERS/Luc Gnago

ASI Down 9%; NIBOR Moves in Mixed Directions …

The Nigerian equities market tanked by 9%, reversing yesterday’s gain, on renewed sell-offs to close the week red

At the end of trades, there were 19 losers against 18 gainers while on a year- to-date basis, the loss of the All Share Index rose to 15.80%.

Pummeled shares of Cement Company of Northern Nigeria Plc and Access Bank Plc dragged down NSE Industrial and NSE Banking indexes by 1.07% and 0.65% respectively.

Meanwhile the NSE lifted its suspension on shares of FTN Cocoa Processors Plc today.

In the money market, NIBOR moved in mixed directions across tenor buckets while NITTY rose for all maturities amid sustained sell pressure.

In the bond market, OTC FGN Bonds fell for most maturities tracked as did FGN Eurobonds for all maturities tracked amid bearish activity.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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