Local Bourse Dips by 14bps on Sustained Profit Taking;


as NITTY Falls amid Sustained Buy Pressure…
The local equities market plummets by 14bps as profit taking activities persist for the fourth consecutive trading sessions at the close of business today.

Also, the NSE printed 17 losers as against 18 gainers even as share prices of SOVRENINS, NEM, NESTLE and NB tanked by 8.7%, 2.13%, 1.19% and 6.67% respectively, pulling the Insurance and Consumer Goods Sectored indices down by 0.62% and 1.99% respectively.

Similarly, the year to date losses rose to 1.11% from 0.97%. On the flip side, the total volume of equities traded surge by 39.46% to 286.9 million units as did the total value of equities traded which rose by 60.70% to N3.10 billion.

Meanwhile, NIBOR Moved in mixed directions across-the-board while NITTY fell for most maturity tracked amid sustained buy pressure. The FGN long term papers moved in mixed directions across maturities tracked; however, FGN Eurobonds prices rose for most maturities tracked.

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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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