The Local Bourse Declines by 0.03% on Sustained Profit Taking

The NSE ASI dipped by 0.03 per cent amid sustained profit taking activity as the Exchange printed 22 losers as against 8 gainers hence; the year to date gain of the Local bourse shrank to 0.03 per cent. Investors continued to take profit on counters like Honey flour and AIICO which moderated by 2.04 per cent and 9.38 per cent respectively thereby moderating their sub-sector gauges by 0.38 per cent and 2.01 per cent respectively.

However, the NSE Banking rose by 0.11 per cent while the NSE Oil/Gas and NSE industrial indexes were flattish.

Meanwhile, market activity waned as total volume and value of stocks traded declined by 43.66 per cent and 51.30 per cent to 0.24 billion units and N3.55 billion respectively.

Elsewhere, NIBOR moderated for all tenor buckets amid sustained financial system liquidity ease while NITTY moved in different directions.

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