Economy

Naira loses marginally against dollar at parallel market

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Written by Maritime First

…As NSE market indices record first year gain, up 0.62%***

The Naira on Thursday lost marginally against the dollar at the parallel market in Lagos, exchanging at N361 to the dollar.

The Naira traded at 50 Kobo, weaker than N360.5 traded on Wednesday, even as the Pound Sterling closed at N410.

At the Bureau De Change (BDC) window the Naira closed at N360 to the dollar, while the Pound Sterling closed at N410.

Trading at the investors’ window saw the Naira closing at N365.12 to the dollar as market turnover stood at 142.64 million dollars.

The Naira which had remained stable at the market largely due to interventions by the CBN exchanged at N306.90 at the official CBN window.

As the United States and China continue to make progress in trade dialogue and the subsequent rise in the price of oil at the international market, Nigeria’s external reserves was expected to shore up.

In the meantime, Nigerian equities market swayed northward to record the first gain for 2019, appreciating by 0.62 per cent.

The All-Share Index improved by 180.93 points or 0.62 per cent to close at 29,517.73 against 29,336.80 achieved on Wednesday.

Also, the market capitalization, which opened at N10.939 trillion inched N68 billion or 0.62 per cent to close at N11.008 trillion.

Similarly, market breadth closed in favour of the bull with 21 counters in gainers’ chart as against 15 decliners.

Julius Berger led the gainers’ table, growing by N2.55 to close at N28.40 per share.

Guaranty Trust Bank came second with N1.90 to close at N33.20, while Dangote Cement gained N1.50 to close at N171.50 per share.

Forte Oil appreciated by N1.45 to close at N28, while Cement Company of Northern Nigeria gained 90k to close at N19.45 per share.

Conversely, Nestle recorded the highest loss during the day, dropping by N48.90 to close at N1,401 per share.

Guinness trailed with a loss of N7 to close at N63, while Okomu Oil lost N1.75 to close N82 per share.

Access Bank dropped by 20k to close at N5.30, while NEM Insurance shed 19k to close at N1.72 per share.

Custodian and Allied Insurance recorded the highest volume of activities trading 120.27 million shares worth N697.61 million.

Access Bank followed with account of 60.48 million shares valued at N317.38 million, while FBN Holdings exchanged 48.87 million shares worth N347.24 million.

Diamond Bank sold 37.15 million shares valued at N72.05 million, while United Bank for Africa traded 26.96 million shares worth N195.47 million.

Investors traded 385.29 million shares valued at N3.07 billion exchanged in 3,677 deals, an increase of 64.03 per cent.

This was against the 234.89 million shares worth N2.25 billion transacted in 2,806 deals. 

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Maritime First