Market Capitalization Loses N54 bn to close at N11.33 trillion

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236

…As NITTY Rises amid Renewed Sell Pressure…

The local bourse dipped 48 bps on sustained profit taking activity closing 23 losers against 12 gainers today.

Particularly, shares of Oando Plc,
Dangote Cement Plc and Access Bank Plc shed weight, dragging the NSE Oil/Gas, NSE Industrial and NSE Banking indexes lower by 0.79%, 0.42% and 0.17% respectively.

Hence, market capitalization decreased by N54 billion to stand N11.33 trillion. Elsewhere, NIBOR rose for most maturities tracked amid liquidity strain as did NITTY for most maturities on renewed sell pressure.

In the bond market, OTC FGN Bonds rose for most maturities amid sustained sell pressure while FGN Eurobonds fell on sustained 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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