Local Equities Market Rebounds by 0.54% on Renewed Bullish Activities

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As NITTY Declines Amid Buy Pressure….
MPR: 13.50%

Feb ’20 Inflation Rate: 12.20% Q4 2019 Real GDP: 2.55%
At the close of Friday’s trade, the local bourse All.Share Index (ASI) rebounded by 0.54% to close at 22,198.43 points on renewed bullish activities even as the Exchange recorded 18 gainers as against 13 losers.

Consequently, the year to date loss of the NSE ASI declined to 17.3%. Bellwether stocks such as, GUARANTY, MTNN, CAP, JBERGER, DANGCEM rose by 1.64%, 3.52%, 8.33%, 6.28% and 0.54% respectively.

Hence, the NSE Banking, NSE Insurance and NSE Industrial indices rose by 0.24%, 0.37% and 0.19% respectively.

However, the volume and value of stocks traded declined by 27.83% and 27.81% to 0.38 billion units and N3.42 billion respectively.

Meanwhile, NIBOR moved in different directions; while NITTY declined for most maturities amid sustained buy pressure.

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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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