Nigerian Stocks Lose N121 bn on Renewed Sell-Offs;


As NIBOR Rises amid Sustained Liquidity Strain…

The Nigerian Stock Market closed in the negative by 1.07% on renewed profit taking activity having recorded 22 losers against 17 gainers.

The NSE Industrial, NSE Banking and NSE Consumer Goods Sector fell by 1.61%, 0.81% and 0.27% as shares of Dangote Cement Plc, First Bank of Nigeria Holding Plc and Nestle Nigeria shed weight, thus increasing the year-to-date loss of All Share Index to 19.41%.

Elsewhere, NIBOR rose for
most tenor buckets amid sustained liquidity strain as did NITTY on sell pressure.

In the bond market, OTC FGN Bond prices fell for most maturities tracked on sustained sell pressure as did FGN Eurobond prices for all maturities on sustained 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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