Local Equities Market Loses N27.50 billion Amid Sustained Bearish Activity

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; NIBOR, NITTY Decline Amid Sustained Liquidity Ease…

The domestic bourse closed on a negative today having slumped by 0.21%, with the exchange printing 14 laggards as against 12 gainers.

Consequently, the year to date loss of the ASI further worsened to 14.70% from 14.52%. We saw share prices of DANGFLOUR, DANGSUGAR, UACN and GUINNESS plummet by 0.67%, 2.86%, 1.41% and 1.02% respectively.

Elsewhere, total naira votes rose by 68.69% to N2.54 billion as did the total volume of equities traded which spiked by 22.56% to 185.94 million units.

Meanwhile, NIBOR declined across board amid sustained ease in the financial system liquidity while NITTY dipped for most maturities tracked on increased demand in the secondary treasury bills market.

In the bonds market, the values of OTC FGN debts fell for most maturities tracked; however, FGN Eurobond prices rallied across maturities tracked in the international debt market.

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Obodo Ejiroghene Lucky [Chief Economist] Mr. Ejiroghene Obodo is an economist with over 15 years in Journalism, which cuts across Research and Data analysis. Mr Obodo, a graduate of Columbia University, New York City, with a Degree Journalism Graduate School Field Of Study Citi Journalism Seminar Ejiro was the Online Editor at BusinessDay Media, where he oversees the online editorial department. Proir to this Mr. Ejiroghene Obodo, also known as Lucky, served as a Senior Research Analyst at BusinessDay Research and Intelligence Unit. Prior to this, he was an Analyst at the firm. Ejiro has won series of International awards which includes the most coveted awards Citi Journalistic Award for 2013 See his professional profile listed on Bloomberg

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