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

Date:

As NITTY Resumes Downward Trend for Most Maturities Tracked…

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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.

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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