Local Stock Market Dips by 0.75% on Sustained Profit Taking

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; NITTY for 1 Month Maturity Moderates to 2.92% amid Renewed Bullish Activity…

The Nigerian equities market further closed in red territory as the NSE All Share Index (ASI) dipped by 0.75% amid sustained profit taking activity.

Also, the Exchange recorded 17 losers as against 11 gainers; consequently, the year to date gain of the NSE ASI slid to 8.27% from 9.09%.

Similarly, most of the sub-sector gauges closed southwards: NSE Banking, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices moderated by 0.21%, 0.21%, 0.11% and 1.30% respectively.

Specifically, investors booked profit on shares of MTN, BUACEMENT, UACN and Access Bank even as market activity slowed.

Total volume and value of stocks traded today further dwindled by 46.00% and 56.49% to 0.36 billion units and N2.83 billion.

Elsewhere, NITTY moderated for most maturities on sustained bullish activity, especially 1Month yield which crashed to 2.92%; also, NIBOR declined for all tenor buckets amid renewed financial liquidity ease.

In the bonds market, the values of OTC FGN bonds moved in mixed directions across 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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