Nigerian Equities Market Plunges by 1.27% on Sustained Bearish Activity

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Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images

As NIBOR and NITTY Rises for Most Maturities…

The Local bourse dipped by 127bps amid sustained bearish activity to close at 27,041.03 pts at the end of Monday’s trades.

The Exchange reordered 33 losers against only 5 gainers hence, the year to date gain of the NSE ASI plunged to 0.74%.

Banking stocks like Zenith, Access, Guaranty and Fidelity shed 0.75%, 0.60%, 1.05% and 0.09% respectively thereby moderating the NSE Banking index by 4.78%.

However, the sub-sector indices, NSE Insurance, NSE Consumer goods, NSE Oil/Gas and NSE industrial indexes moderated by 0.47%, 0.72%, 0.45% and 0.85% respectively.

Meanwhile, market activity was upbeat as volume and value of stocks traded rose by 1.83% and 31.44% to 0.49 billion units and N7.29billion respectively.

Elsewhere, NIBOR and NITTY rose for all tenor buckets amid sustained financial system liquidity strain; In the OTC bonds market, the values of FGN bonds rose for all maturities; however, FGN Eurobond prices moderated for most maturities tracked.

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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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