Nigerian Stocks Down 0.79% As Bears Tighten Grip; NIBOR Rises Amid Renewed Liquidity Strain…

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The Lagos bourse closed southwards by 79bps for the fourth consecutive trading session as the bears walloped the bulls – having registered 15 losers as against 12 gainers – at the end of trade today.

Hence, the year to date loss of local stocks exacerbated to 15.37% from 14.70%. Counters such NB, NESTLE, PZ and DANGCEM also dwindled by 4.00%, 1.22%, 10.00% and 3.91% respectively, dragging the NSE Consumer Goods and NSE Industrial sectorial indexes down by 1.80% and 1.63% respectively.

Meanwhile, the total values of equities trade increased by 191.55% to N7.40 billion; similarly, the total volume of equities traded ballooned by 217.86% to 591.04 million units.

Elsewhere, NIBOR rose across tenure buckets amid renewed squeeze in the financial system liquidity while NITTY moved in heterogenous directions across maturities tracked. In the bonds market, the prices of OTC FGN papers moved in mixed directions for most maturities tracked; however, FGN Eurobond prices dipped 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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