Local Bourse Declines by 0.03% on Sustained Profit Taking Activity


As NIBOR Moderates Amid Liquidity Ease…

The NSE ASI dipped by 0.03% amid sustained profit taking activity as the Exchange printed 22 losers as against 8 gainers hence; the year to date gain of the Local bourse shrank to 0.03%.

Investors continued to take profit on counters like Honey flour and AIICO which moderated by 2.04% and 9.38% respectively thereby moderating their sub-sector gauges by 0.38% and 2.01% respectively.

However, the NSE Banking rose by 0.11% while the NSE Oil/Gas and NSE industrial indexes were flattish.

Meanwhile, market activity waned as total volume and value of stocks traded declined by 43.66% and 51.30% to 0.24 billion units and N3.55 billion respectively.

Elsewhere, NIBOR moderated for all tenor buckets amid sustained financial system liquidity ease while NITTY moved in different directions.

In the OTC bonds market, the values of FGN bonds rose for all maturities tracked amid buy pressure; however, FGN Eurobond prices moderated for most maturities tracked amid profit taking.

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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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