Local Stock Market Closes in Red, Falls Marginally by 0.02%

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

As NITTY Resumes Downward Trend for Most Maturities Tracked…

The NSE All Share Index moderated further by 2 bps amid sustained bearish activity even as the Exchange printed 18 losers as against 15 gainers at the close of business.

Amongst the worst hit stocks were JBERGER, FLOURMILL, WAPCO and ZENITHBAK as investors sold part of their holdings to book
profit following the stocks’ recent price appreciation. Hence, the year to date gain of NSE ASI moderated to 9.75% from 9.76%.

Nevertheless, we observed a slowdown in profit taking as most of the sub-sectored closed in green: NSE Banking, NSE Industrial, NSE Oil/Gas and NSE Industrial indices by 0.13%, 0.86%, 0.36% and 0.41% respectively.

Meanwhile, the total value of stocks traded fell by 1.97% to N3.64 billion.

Elsewhere, NIBOR moderated for all tenor buckets amid sustained financial liquidity ease; also, NITTY moderated for most maturities on renewed bullish activity.

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

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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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