…As Naira marginally appreciates, exchanging at N359 to the dollar***
The Nigerian equities market dipped further on Thursday with the market capitalisation losing N265 billion within seven hours of trading due to price loses by blue chips.
The Naira however, appreciated marginally against the dollar at the parallel market, exchanging at N359 to the dollar.
Specifically, the market capitalisation closed lower at N13.993 trillion having lost N265 billion or 1.86 per cent from the N14.258 trillion achieved on Wednesday.
The All-Share Index, which opened at 29,256.60, shed 544.30 points or 1.86 per cent to close at 28,712.30.
Some analysts at Afrinvest said: “barring any catalyst to spur investors’ appetite, we expect the bearish performance to persist in the near-term.”
Also, analysts at Cordros Capital said: “our projection for equities in the short to medium-term remains conservative amidst the absence of any catalyst of market returns.”
Most blue chip posted price loses with Nestle leading the pack with a loss of N65 to close at N1,280 per share.
Airtel Africa trailed with N35.90 to close at N323.50, while MTN Nigeria Communications dipped by N3 to close at N130 per share.
Cement company of Northern Nigeria was down by N1.50 to close at N13.85, while Dangote Cement dipped by 50k to close at N173 per share.
Conversely, GTB recorded the highest price gain to lead the price gainers’ table, rising by 95k to close at N30 per share.
Nigerian Breweries followed with a gain of 50k to close at N61, while Wapco Insurance appreciated by 15k to close at N13.70 per share.
Custodian and Allied Insurance added 5k to close at N6.20, while Ecobank Transnational grew by 5k to close at N9.95 per share.
FBN Holdings was the toast of investors, trading 50.12 million shares valued at N302.31 million.
Zenith Bank followed with 21.13 million shares worth N404.32 million, while Access Bank traded 18.89 million shares valued at N125.52 million.
UBA sold 13.10 million shares worth N77.47 million, while GTB exchanged 12.99 million shares worth N380.713 million.
In all, investors traded 188.43 million shares valued at N3.17 billion in 3,105 deals.
This was against the 188.77 million shares worth N3.72 billion traded in 3,363 deals on Wednesday
Meanwhile, the Naira appreciated marginally against the dollar at the parallel market on Thursday, exchanging at N359 to the dollar.
The Naira was traded at the segment at N461 and N407 against the Pound Sterling and the Euro, respectively.
At the Bureau De Change (BDC) window, the naira was sold at N360 to the dollar, while it was traded against the Pound Sterling and the Euro traded at N461 and N407, respectively.
Transactions at the investors’ window saw the naira closing at N360.76 as market turnover dropped from 128.59 million dollars to 107.63 million dollars since Wednesday.
The naira closed at N307 to the dollar at the official CBN window.
The stability of the naira had been fuelled by the interventions of the Central Bank of Nigeria (CBN) at the foreign exchange market.
The Apex bank had injected about N42.3 billion dollars to the foreign exchange market since last year.