Banking & Finance Economy

NSE: Indices rise further by 0.66%

NSE: Market indicators rise further by N94bn or 0.75%
Written by Maritime First

…As CBN injects $323.5m, CNY 17.9m into forex market***

Crucial  indices of the Nigerian Stock Exchange (NSE) rose by 0.66 per cent on the last trading day the week, amid sustained investor confidence.

Specifically, the market capitalisation which opened at N12.946 trillion increased by N86 billion to close at N13.032 trillion.

Also, the All-Share Index rose by 177.65 points or 0.86 per cent to close at 27,002.15.

Nestlé led the gainers’ table during the day appreciating by N50.10 to close at N1,350 per share.

MTN followed with a gain of N2 to close at N120, while Cement Company of Northern Nigeria added N1.00 to close at N20 per share.

UACN garnered 50k to close at N8, while Guaranty Trust Bank increased by 40k to close at N30.45 per share.

Conversley, Stanbic IBTC recorded the highest loss, shedding N1.95 to close at N38.15 per share.

Dangote Cement trailed with a loss of 20k to close at N142.80, while Cutix lost 13k to close at N1.45 per share.

Ikeja Hotel was down by 12k to close at N1.13 while, FBN Holdings declined by 10k to close at N6.70 per share.

Also, the volume of shares traded closed lower with a total of 227.18 million shares worth N3.66 billion in 3,246 deals.

This was in contrast with an exchange of 303.82 million shares valued at N1.72 billion in 3,151 deals the previous day.

Also read:  NSE: Trading rebounds, Investors gains N17bn, amid positive sentiments in banking stocks

UACN was the most active stock, trading 42.61 million shares valued at N334.81 million.

United Bank for Africa followed with an account of 40.66 million shares worth N286.64 million, while Zenith Bank sold 27.18 million shares valued at N506.21 million.

Nigerian Breweries traded 21.04 million shares worth N1.07 billion, Transcorp sold a total of 15.86 million shares valued at N15.98 million.

In the meantime, the Central Bank of Nigeria (CBN) has injected 323.5million dollars into the retail Secondary Market Intervention Sales (SMIS) for its last intervention for November.

The CBN Director, Corporate Communications Department, Mr Isaac Okorafor, made this known in a statement in Abuja.

Okorafor said the bank also intervened with CNY 17.9million in the spot and short tenored forwards segment of the inter-bank foreign market.

He explained that the dollars intervention was for requests in the agricultural and raw materials sectors while the Chinese Yuan was for Renminbi denominated Letters of Credit.

He expressed satisfaction over the stability of the foreign exchange, which he attributed to the sustained intervention by the bank.

The director gave the assurance that the bank remained committed to ensuring that all sectors of the forex market continue to enjoy access to foreign exchange especially during the forthcoming yuletide season.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N48.


About the author

Maritime First