Investors Take Profit as Local Stock Market Declines by 1.18%

Date:

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

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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.

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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