Lagos Shares Market Revs by 0.13% amid Sustained Bargain Hunting

Date:

As NITTY Moves Southwards on Renewed Demand Pressure…

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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.

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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