Naira slumps, exchanges at N420.50 to dollar as NGX capitalisation up by N153bn

Naira eases 0.04% against dollar; as Stock market gains N8.15bn in bullish trading
Written by Maritime First

The Naira on Wednesday depreciated at the Investors and Exporters window, exchanging at N420.50 to the dollar, a 0.05 depreciation against N420.27 traded on Tuesday.

The open indicative rate closed at N419.46 to the dollar on Wednesday.

Also read: Stock market rebounds, capitalisation increases by N180bn

An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N420.50.

The Naira sold for as low as N412 to the dollar within the day’s trading.

A total of 71.99 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.

In another development, the Nigerian stock market gained for the second consecutive session as market capitalisation increased by N153 billion to close at N27.697 trillion from N27.544 posted on Tuesday.

Also, the All-Share Index (ASI) ended 0.56 per cent stronger to close at 51,377.21 points from 51,091.75 recorded on Tuesday.

The performance was primarily driven by sustained rebounds in large capitalised stocks such as First Bank of Nigeria (FBNH), Stanbic Bank, Bua Foods, Dangote Cement, MTN Nigeria, among others.

As a result, the ASI Year-to-Date (YTD) increased to 20.28 per cent.

Market breadth closed positive as 17 stocks appreciated while 16 declined.

EllahLake recorded the highest price gain of 10 per cent to close at N4.40 per share.

Presco followed with a gain of 9.71 per cent to close at N183 per share, while FBNH rose by 9.52 per cent to close at N9.20 per share.

Livestock rose by 9.09 per cent to close at N1.44, while Courtville Business Solutions gained 8.70 per cent to close at 50k per share.

On the other hand, Northern Nigerian Flour Mill (NNFM) led the losers’ chart by 9.91 per cent to close at N9.55 per share.

JohnHolts depreciated by 9.86 per cent to close at 64k and CWG dropped by 9.09 per cent to close at 80k per share.

ChiPlc followed with a decline of 8.82 per cent to close at 62k per share, while Glaxosmith lost 6.25 per cent to close at N6 per share.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 16.68 per cent.

A total of 229.37 million shares valued at N3.2 billion were exchanged in 4,536 deals.

Transactions in the shares of Oando topped the volume chart with 34.64 million shares valued at N184.98 million.

First City Monument Bank (FCMB) followed with 26.2 million shares worth N91.68 million, while United Bank for Africa (UBA) traded 26.02 million shares valued at N194.05 million.

Accesscorp traded 23.77 million shares valued at N216.29 million, while Guaranty Trust Holding Company (GTCO) transacted 15.83 million shares valued at N332.39 million.



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Maritime First