Lagos Shares Market Revs by 0.13% amid Sustained Bargain Hunting

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As NITTY Moves Southwards on Renewed Demand Pressure…

The NSE All Share Index rose by 0.13% amid sustained bullish activity; albeit the Exchange recorded 16 gainers as against 20 losers.

Similarly, all of the sub-indices moved in different directions: while NSE Insurance and NSE Industrial indices rose by 2.16% and 1.17% respectively, NSE Banking and NSE Consumer Goods indices fell by 0.37% and 0.92% respectively. Nevertheless, the year to date gain of NSE ASI rose to 10.38% from 10.24%.

Meanwhile, market activity was weak as the total volume and value of stocks traded moderated by 6.28% and 54.48% to 0.18 billion units and N3.5 billion respectively, despite the N1.10 trillion worth of GUARANTY shares which were exchanged today.

Elsewhere, NIBOR rose for all tenor buckets on renewed financial liquidity strain, we expect NIBOR to close higher on Monday in reaction to increase in CRR. However, NITTY fell for most maturities tracked.

In the bonds market, the values of OTC FGN bonds appreciated for most maturities tracked amid sustained bullish activity.

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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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