Banking & Finance Economy

NSE: MTN, Cadbury lead Losers’ chart as All-Share Index loses 0.26%

Nigeria’s bourse resumes June trading, growing N25bn
Written by Maritime First

…CBN injects $218.41m, CNY 18m into retail secondary market***

The All-Share Index of the Nigerian Stock Exchange (NSE) ended trading on Friday with a loss of 0.26 per cent.

The index actually opened at 28,140.41, lost 73.32 points or 0.26 per cent to close at 28,067.09.

Researchers at Cordros predicted that the trend witnessed this week would likely persist.

They noted that the dual impacts of the weakening sentiment and mixed earnings performances during earnings season were expected to pressure market returns.

They, however, urged investors to take positions in fundamentally justified stocks.

MTN Nigeria Communication topped the losers’ chart, dropping by N1.20 to close at N117 per share.

Cadbury trailed with a loss of 70k to close at N9, while C & I Leasing dipped 60k to close at N5.40 per share.

Guaranty Trust Bank lost 50k to close at N29.50, while Ecobank Transnational Incorporated declined by 30k to close at N7.10 per share.

Conversely, Flour Mills led the gainers’ table, appreciating by 80k to close at N22.80 per share.

Julius Berger followed with 50k to close at N22.45, while Dangote Sugar Refinery added 45k to close at N13.40 per share.

Also read: NSE: Market rewards investors with N27bn, halts eight trading bearish sessions

BUA Cement gained 40k to close at N35.40, while Vitafoam increased by 25k to close at N5.45 per share.

However, the market capitalisation closed at N14.618 trillion compared with N14.497 trillion recorded on Thursday.

An analysis of the activity chart shows that Guaranty Trust Bank was investors delight, accounting for 76.79 million shares valued at N2.27 billion.

Zenith Bank came second with 58.63 million shares worth N1.16 billion, while Japaul Oil sold 17.77 million shares valued at N3.77 million.

FBN Holdings traded 15.76 million shares worth N94.84 million, while United Bank for Africa transacted 15.56 million shares valued at N121.27 million.

In all, investors bought and sold 303.93 million shares worth N6.39 billion in 4,343 deals.

This was against 317.19 million shares valued at N3.43 billion traded in 4,340 on Thursday deals.

In the meantime, the Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor stated this in a statement in Abuja on Friday.

Okorafor said 18 million Yuan  was also injected in the spot and short-tenored forward segment of the inter-bank foreign exchange market.

He said the development was in continuation of the CBN intervention in the inter-bank foreign exchange market.

He disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan on the other hand, was for Renminbi-denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange market which, according to him, was largely due to sustained intervention by the apex bank.

He assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

According to him,  this is to ensure that the stability in the foreign exchange market will continue to attract investors .

The bank had on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of 55 million dollars.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.


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Maritime First