Lagos Bourse Sheds 111bps amid Bearish Streak; NIBOR, NITTY Plummet on Liquidity Ease…

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The NSE ASI waned by 1.11% amid sustained profit taking activities even as the Bourse recorded 23 losers as against only eight gainers at the close of business today.

Hence, the year-to-date loss of local stocks further worsened to 16.06% from 15.11%. Bellwethers such as NESTLE, DANGCEM, MTNN and FBNH dwindled by 3.70%, 1.41%, 1.69% and 1.56% respectively.

Meanwhile, market activity was upbeat as total volume of transactions swelled by 1.87% to 196.29 million shares while total value of equities traded increased marginally by 0.10% to N3.55 billion.

Elsewhere, NIBOR declined for most tenure bucket amid renewed liquidity ease; also, NITTY dipped across maturities tracked on sustained bullish activities.

In the bonds market, the values of OTC FGN papers appreciated for most maturities tracked on sustained demand pressure; similarly, FGN Eurobond prices rose for most maturities tracked on bullish activities in the international debt market.

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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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