Lagos Stock Exchange Tanks 35bps on Continued Sell-Off; NIBOR, NITTY Rise amid Sustained Liquidity Squeeze…


The Lagos bourse journeyed further into the negative territory by 0.35% amid sustained bearish sentiment by market players, even as the Exchange registered 16 losers as against 15 gainers at the close of trade session today.

Hence, the year to date loss of local stocks worsened to 10.94% from 10.63%. Elsewhere, NIBOR increased for most tenure buckets amid sustained strain in financial system liquidity; also, NITTY rose for most maturities tracked amid renewed bearish activities in the secondary market.

In the bonds market, the value of OTC FGN papers appeared flattish for most maturities tracked; while, Nigerian Sovereign Eurobond market witnessed demand pressure across maturities tracked amid the dovish monetary policy stance by the central banks of the developed markets.

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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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