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

Date:

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.

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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.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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