Domestic Equities Market Dips by 1.17% amid Renewed Profit Taking Activity


As NIBOR Rises for All Tenor Buckets amid Sustained Liquidity Squeeze…

The Local Bourse closed the week on a negative note as its All Share Index (ASI) dwindled by 1.17% amid renewed bearish activity; albeit, the number of gainers (22) outweighed that of the losers (18) at the close of trade.

Given the sell pressure on Tickers such as DANGCEM, BUACEMENT and NB. their respective prices moderated by 2.04%, 5.44% and 4.55%.

Similarly, most of the sub-sector gauges tracked closed in red territory. save the NSE Insurance which rose by 0.06%: NSE Banking, NSE Consumer goods, NSE Oil/Gas and NSE Industrial tanked by 0.28%, 1.23%, 0.96%, and 3.91% respectively. Hence, the year to date loss of the NSE ASI worsened to 6.80%.

Meanwhile, market activity was weak as the volume and value of stocks traded moderated by 20.61% and 52.51% to 0.21 billion units and N2.51 billion respectively.

Elsewhere, NIBOR rose for all tenor buckets amid sustained liquidity strain; also, NITTY rose for most maturities tracked.

In the OTC bonds market, the values of FGN bonds were flattish for most maturities tracked; however, FGN Eurobond rose 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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