Nigeria Equities Market Dwindles by 0.22% on Sustained Profit Taking Activity

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As NIBOR and NITTY Moderates Amid Liquidity Ease…

The NSE ASI dipped by 22bps amid sustained sell-offs to point at 26,974.38pts at the close of trading session even as the Exchange printed 16 losers as against 11 gainers.

The main laggard on the bourse was telecoms giant, MTNN, which shed 3.45%. Consequently; the year to date gain of the Local bourse shrank to 0.49%.

However, names such as Guaranty, Honeywell Flour and BUA Cement rose by 0.75%, 9.38% and 3.48% respectively thereby moving their respective sub sector gauges upwards by 0.38%, 0.01% and 1.95%.

Meanwhile, market activity waned as total volume and value of stocks traded declined by 5.52% and 22.98% to 0.22 billion units and N2.73 billion respectively.

Elsewhere, NIBOR and NITTY moderated for all most tenor buckets amid sustained financial system liquidity ease.

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

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