Domestic Bourse Wanes by 1.14% Amid Sustained Sell-offs; NIBOR, NITTY Dip on Renewed Liquidity…

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The Lagos bourse closed southwards today by 1.14% amid bearish momentum as investors sentiment remained lukewarm.

The bears walloped the bulls having registered 24 losers against 11 gainers. Consequently, the year to date loss of local stocks further worsened to 13.04% from 12.09%.

We saw share prices of ZENITH, NB and MOBIL fall by 1.60%, 6.67% and 9.48% respectively.

Meanwhile, the total volume of equities traded plummeted by 9.67% to 175.78 million units while the total value fell by 16.18% to N2.57 billion.

Elsewhere, NIBOR dipped for most tenure buckets amid renewed ease in the financial system liquidity; similarly, NITTY contracted for most maturities tracked amid renewed demand pressure in the secondary treasury bills market.

In the bonds market, the values of OTC FGN debts were flattish for most maturities tracked; however, FGN Eurobond values fell across maturities tracked amid sustained bearish activity in the international bond market.

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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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