Local Bourse Plummets by 0.16% on Sustained Profit Taking


As NIBOR Moves in Mixed Directions…

The NSE ASI slid into the red zone by 0.16% as investors maintained negative sentiment amid profit taking activity ahead of the general elections tomorrow.

Tickers such as NB, CADBURY, FLOURMILL and DANGCEM nosedived by 3.03%, 9.57%, 2.42% and 0.31% respectively despite the local bourse printing 20 gainers as against 17 losers by close of trade.

Consequently, the Consumer Goods and Industrial sectorial Indices moderated by 0.81% and 0.16% respectively. Similarly, the total volume of traded equities decreased marginally by 0.38% to 221.47 million units Hence, the year-to-date stood at 3.45%. However, the total value remained unchanged at N2.4 billion.

Elsewhere, NIBOR moved in mixed directions across tenure buckets while NITTY decreased across board for all maturities tracked.

In the bond market, value of the OTC FGN long term papers rose for most 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.

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