Nigerian Stock Market Dips 0.22% on Renewed Profit Taking as Investors Sentiment remains Bearish

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The NSE ASI dwindled by 0.22% amid renewed profit taking activities, despite the bourse registering 26 gainers against 17 losers at the close of business today.

In the same light, share prices of UBA, ETI, FBNH and OANDO dipped by 4.62%, 3.27%, 3.33% and 1.02% respectively, dragging the NSE Banking and NSE Oil & Gas sectored indices down by 0.11%, and 0.13% respectively.

Consequently, the year to date losses of local stocks rose to 6.15% from 5.93%. Also, the total volume of equities traded fell by 3.86% to 223.8 million units, as did the total value of equities traded which moderated by 9.51% to N1.79 billion from N1.97 billion as investors sentiment remained bearish.

Meanwhile, NIBOR rose across board amid liquidity strain, while NITTY moved in mixed directions across maturities tracked. The value of OTC FGN debts rose across board for maturities tracked; similarly, the FGN Eurobonds prices revved for all 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.