NSE ASI Sheds 126bps amid Sustained Sell-Offs; NIBOR, NITTY Move in Mixed Directions…

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    The local bourse dwindled by 1.26% amid sustained profit taking activities as the bears outshined the bulls (30 losers against 11 gainers) at the close of business
    today.

    Symbols such as GUARANTY, CADBURY and MOBIL waned by 3.13%, 4.55% and 4.62% respectively, dragging the NSE Banking, NSE Consumer Goods
    and NSE Oil & Gas sectorial indices down by 2.80%, 1.57% and 1.05% respectively.

    On a year to date basis, losses of local stocks rose to 9.37% from 8.22%.
    Similarly, the total volume of equities traded dipped by 8.73% to 214.68 million units; however, we saw the total value of equities traded surge by 104.71% to
    N2.78 billion.

    Elsewhere, NIBOR moved in mixed directions across maturities tracked; as did NITTY for maturities tracked.

    In the bond market, the value of OTC FGN long term papers was flattish for most maturities tracked; however, the FGN Eurobonds prices fell across board 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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