NSE: Market indicators drop further by 0.15%

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…As CBN boosts foreign exchange market with $210m***

The market indices of the Nigerian Stock Exchange (NSE) on Tuesday maintained negative trend, dropping further by 0.15 per cent.

The News Agency of Nigeria (NAN) reports that this is in spite of the improved April inflation data released by the National Bureau of Statistics (NBS).

The All-Share Index lost 62.42 points or 0.15 per cent to close at 40,615.42 compared with 40,677.61 posted on Monday.

Also, the market capitalisation shed N22 billion or 0.15 per cent to close at N14.712 trillion from N14.734 trillion recorded on Monday, due to profit-taking.

An analysis of the price movement table indicated that Zenith Bank recorded the highest loss to lead the laggards’ chart, dropping by N1.15 to close at N27.60 per share.

FBN Holdings trailed with a loss of 50k to close at N11.50, while Oando shed 35k to close at N7.40 per share.

Guaranty Trust Bank was down by 25k to close at N44 while Dangote Flour also declined by 25k to close at N11.25 per share.

On the other hand, Nestle topped the gainers’ table for the day, appreciating by N43 to close at N1,573 per share.

Nigerian Breweries followed with a gain of N2.80 to close at N124.80, while CAP appreciated by N1.10 to close at N40 per share.

Eco Bank Transnational added 30k to close at N21 while NPF Microfinance Bank increased by 7k to close at N1.85 per share.

Also, the volume of shares traded closed lower as investors bought and sold 203.36 million shares valued at N4.43 billion in 4,090 deals.

This was against the 218.77 million shares worth N2.23 billion exchanged in 4,109 deals on Monday.

Guaranty Trust Bank was the most active stock for the day, exchanging 37.15 million shares worth N1.64 billion.

United Bank for Africa followed with an account of 31.46 million shares valued at N361.09 million while Fidelity Bank traded 14.50 million shares worth N33.81 million.

Zenith Bank sold 11.73 million shares valued at N330.46 million while Oando traded 11.09 million shares worth N84.73 million.

In the meantime, in another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday injected 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the system.

The acting Director,  Corporate Communications,  Mr Isaac Okorafor, in a statement in Abuja, said the CBN allocated 100 million dollars to dealers in the wholesale sector.

He said also the Small and Medium Enterprises (SMEs) segment and invisibles received 55 million dollars each.

Okorafor, said the continued interventions in the interbank foreign exchange market was mainly to ensure sustained liquidity and stability in the market.

According to him, the interventions by the CBN had impacted the market positively and guaranteed a stable exchange rate for the Naira, which has since stabilised the foreign exchange market.

He reiterated that the Bank’s interventions had reduced the country’s import bills and led to accretion to its foreign reserves.

Meanwhile, the naira exchanged at N362 to a dollar in the Bureau De Change segment of the market.