NIgeria equities Index Drags, loses 0.83% as Investors Book Profit

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As OTC FGN Bonds Remain Bullish ahead of Primary Auctions Tomorrow…

The local bourse’s index moderated by 83 bps amid renewed bearish activity even as the Exchange printed 16 losers as against 15 losers at the close of trade.

Specifically, large caps suffered set back as investors took profit on them; share prices of DANGCEM, GUARANTY and ZENITHBANK were most hit thus, dragging NSE Industrial and NSE Banking indices by 0.45% and 3.58% respectively.

Consequently, the year to date gain of NSE ASI slid to 9.76% from 10.69%.

Meanwhile, market activity was relatively weak as investors paid lower price for the large caps; hence, total value of stocks traded dwindled by 11.26% to N3.71 billion.

Elsewhere, NIBOR moderated for all tenor buckets amid renewed financial liquidity ease.

However, NITTY increased for most maturities on renewed bearish activity; albeit, 1Month and 3Months yields remained at lower digit. In the bonds market, the values of OTC FGN bonds appreciated for most maturities tracked amid sustained buy pressure.

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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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