Equities Market Dwindles by 67bps amid Sustained Profit Taking Activity

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As NIBOR, NITTY Moves in Mixed Directions for Most Tenor Buckets…

MPR: 13.50%
Dec ’19 Inflation Rate: 11.98% Q3 2019 Real GDP: 2.28%

At the end of Monday’s trading session, the NSE All Share Index (ASI) dwindled by 0.67% to close at 27,570.94pts amid sustained bearish activity even as the local bourse recorded 18 losers as against 11 gainers.

Consequently, the year to date gain of the equities market moderated to 2.72%. Sell-offs on shares of ZENITH, BUACEMENT and LAWUNION moderated their respective sub-sector gauges by 1.46%, 1.55% and 0.76%.

Meanwhile, market activity was upbeat as the volume and value of stocks traded rose by 1.50% and 23.76% to close at 13.46 billion units and N1.58 billion respectively.

Elsewhere, NIBOR moved in mixed directions for most tenor buckets amid renewed financial system liquidity strain while NITTY moderated for most tenor buckets on bargain hunting activity.

In the OTC bonds market, the values of FGN bonds appreciated for most maturities (and yields moderated) amid buy pressure; however, FGN Eurobonds prices moderated for all maturities tracked amid profit taking in the international market.

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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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