Investors Take Profit as Local Stock Market Declines by 1.18%

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As NITTY Falls for All Maturities Tracked amid Renewed Bullish Activity…

The NSE All Share Index (ASI) closed southwards, printing 1.18% as investors eventually took profit to halt the eleven consecutive days of bullish activity in the market.

The Exchange recorded 23 losers as against 13 gainers as investors experienced the first bearish activity in the year 2020.

Hence, the year to date gain of the NSE ASI moderated to 9.09% from 10.40%. All the five sub-sectors closed in red zone: NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices fell by 1.07%, 2.03%, 1.65%, 0.19% and 0.29% respectively.

As investors took profit on the shares of MTN, DANGCEM, NB and UBA – paying less amounts to acquire more units – total value of stocks traded tumbled by 23.77% to N6.52 billion.

Elsewhere, NITTY fell for all maturities on renewed bullish activity; however, NIBOR further moved northwards for all tenor buckets amid sustained financial liquidity strain.

In the bonds market, the values of OTC FGN bonds remained flattish for most of the maturities tracked.

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