Economy

NGX: Stock market loses N13bn; Naira loses again, exchanges N436.50 to Dollar

NGX remains bearish, indices down by 0.33%; as Naira exchanges 436.33 to Dollar
Written by Maritime First

Trading on the nation’s bourse again ended negative on Wednesday as market capitalization lost N13 billion or 0.05 per cent to close at N26.657 trillion against N26.670 trillion on Tuesday.

Also, the All-Share Index lost 23.40 points or 0.05 per cent to close at 49,421.91 from 49,445.31 recorded on Tuesday.

Also read: NGX: Indices down 0.07%; Naira down 0.06%, exchanges N436.50 to Dollar

Accordingly, month-to-date gain moderated to 15.7 per cent, while year-to-date loss increased to 19.56 per cent.

The loss was driven by price depreciation in FBN Holdings, Access Holdings and WAPCO.

Market sentiment closed positive with 10 gainers relative to 12 losers.

Unity Bank led the losers’ chart in percentage terms by 10 per cent to close at 44k per share.

Murtiverse followed with 9.82 per cent to close at N3.13, while Fidelity Bank shed 5.46 per cent to close at N3.67 per share.

Honeywell Flour Mills lost 3.98 per cent to close at N2.35 while Chams shed 3.45 per cent to close at 30k per share.

Conversely, Academy Press dominated the gainers’ chart in percentage terms with 9.78 per cent to close at N1.66 per share.

NEM Insurance followed with 6.08 per cent to close at N5.25, while Cadbury rose by 5.45 per cent to close at N13 per share.

Jaiz Bank garnered 4.76 per cent to close at 80k, while NGX Group appreciated by 4.38 per cent to close at N18.55 per share.

However, the total volume of trades decreased by 75.35 per cent to 51.88 million units valued at N590.01 million exchanged in 2,981 deals.

This was in contrast with a total of 147.59 million shares worth N2.39 billion traded in 3,386 deals on Tuesday.

Transactions in the shares of Zenith Bank topped the activity chart with 6.3 million shares valued at N125.54 million.

GTCO followed with 4.99 million shares worth N94.92 million, while Sterling Bank traded 4.86 million shares valued at N7.29 million.

Fidelity Bank traded 3.85;million shares valued at N13.62 million, while Transcorp transacted 2.95 million shares worth N3.1 million.

In another development, the Naira depreciated against the dollar at the Investors and Exporters window on Wednesday as it exchanged at N436.50.

Wednesday’s rate represented a 0.06 per cent depreciation compared to the N436.25 for which the dollar was exchanged on Tuesday.

The open indicative rate closed at N44. 75 to the dollar on Wednesday.

An exchange rate of N438 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.50.

The Naira sold for as low as N425 to the dollar within the day’s trading.

A total of 133.97 million dollars was traded at the official Investors and Exporters window on Wednesday.

 

 

 

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Maritime First