Thursday, May 13, 2021

Nigerian Bourse Closes 0.96% Lower on Renewed Profit Taking

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Godwin Okafor
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.

As NIBOR Rises amid Renewed Liquidity Strain…

The Nigerian equities market closed the week lower by 0.96% on renewed profit taking activity despite the tight contest between the losers (14)
and the gainers (15).

Also, market turnover plunged by 82.73% to close at N2.63 billion as the N1.29 billion transaction in the shares of Nigerian Breweries Plc was done at lower average price, which coupled with the loss on shares of Dangote Cement Plc, dragged the NSE Consumer Goods
and NSE Industrial sectors lower by 0.68% and 2.78% respectively.

Hence, market capitalization decreased by N111.68 billion while year-to-date
loss of the All Share Index hit to 17.17%.

Elsewhere, NIBOR rose for all tenor buckets on financial liquidity strain; however, NITTY fell for most

Meanwhile, OTC FGN Bonds rose for most maturities on renewed buy pressure; however, FGN Eurobonds fell for most maturities.

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