Domestic Equities Market Index Rises Further by 0.10% on Oil/Gas, Consumer Goods Stocks

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As NITTY Closes Flat across All Maturities…

The Lagos bourse All Share Index (ASI) revved by 0.10% amid sustained bargain hunting activity even as the Exchange printed 23 gainers as against 20 losers.

At the close of trade today, the oil & gas and consumer goods stocks were the toast of investors as shares of MOBIL, GUINNESS and CADBURY were picked up at higher prices.

Hence, the NSE Oil/Gas and the NSE Consumer Goods rose by 2.77% and 0.61% respectively.

Similarly, the NSE Insurance and the NSE Banking increased by 0.97% and 0.02% respectively while the NSE Industrial index was flattish.

Given the bullish activity, the year to date gain of the NSE ASI rose to 29.66%.

Meanwhile, market activity was weak as the deals, total volume and value of stocks traded moderated by 23.08%, 40.78% and 48.94% to 5,407, 0.23 billion units and N3.53 billion respectively.

Elsewhere, NIBOR moderated for most tenor buckets amid sustained liquidity ease, especially the longer end of the tenor; however, NITTY closed flat for all maturities despite declining rates at the primary market.

In the OTC bonds market, the values of FGN bonds fell for most maturities tracked amid renewed bearish activity; also, FGN Eurobond moderated for all 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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