NSE ASI Falls by 0.26% amid Renewed Profit Taking Activity

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As NITTY Sinks Further despite CBN Pronouncement…

Local stock market Index moderated by 0.26% amid renewed bearish activity; albeit the number of gainers (14) exceeded that of losers (13) on the Exchange today.

Banking shares were most hit today as the drop in the share prices of ZENITHBANK and FBNH dragged the NSE Banking index by 1.19% and were chiefly responsible for the fall in the general performance index.

Hence, the year to date gain of NSE ASI declined to 10.10% from 10.38%.

Meanwhile, market recorded lower transaction value today – value of stocks traded moderated by 9.95% to N3.2 billion – as investors took advantage of the decline in prices to pick up more stocks; the volume of trade rose by 135.76% to 0.44 billion units.

Elsewhere, NITTY fell further for all maturities tracked amid sustained buy pressure.

In the bonds market, the values of OTC FGN bonds depreciated for most maturities tracked amid renewed profit taking 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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