…As Naira falls at investor’s window, sells N388.7***

Trading at the nation’s bourse closed flat on Wednesday with the market capitalisation losing one billion naira to close at N12.610 trillion against N12.609 trillion recorded on Tuesday.

The All-Share Index (ASI), which opened at 24,174.45, also closed at 24,173.53, dropping by just 0.92 points or 0.004 per cent.

The marginal downturn witnessed in the market was due to losses in GlaxoSmithKline, Africa Prudential, Caverton, Sterling Bank and Consolidated Hallmark Insurance.

Analysts at APT Securities and Funds Limited urged investors to position in fundamentally justified stocks, positing that the market was set to rally in response to impressive half year earnings results.

Eterna dominated the gainers’ chart in percentage terms, gaining 8.89 per cent, to close at N1.96, per share.

May and Baker followed with 7.91 per cent to close at N3, while NPF Microfinance Bank grew by 7.58 per cent to close at N1.42, per share.

Neimeth International appreciated by 7.14 per cent, to close at N1.50, while Cutix improved by 3.90 per cent to close at N1.60, per share.

Conversely, GlaxoSmithKline recorded the highest loss to lead the laggards’ table in percentage terms, dropping 9.52 per cent, to close at N4.75, per share.

Consolidated Hallmark came second with 8.16 per cent to close at 45k, while Prestige Assurance declined by 6.12 per cent to close at 46k, per share.

Africa Prudential dipped 4.07 per cent to close at N4.01, while Sterling Bank shed 3.28 per cent to close at N1.18, per share.

Also read:  NSE: Investors lose N50bn, ASI down 0.39%, as Market sustains negative sentiment

However, the volume of shares transacted inched higher by 32.36 per cent as investors staked N4.55 billion on 402.64 million shares in 3,252 deals.

This was in contrast with 304.19 million shares worth N3.27 billion achieved in 3,500 deals on Tuesday.

Transactions in the shares of UAC of Nigeria topped the activity chart with 136.72 million shares valued at N786.72 million.

Nigerian Breweries followed with 52.62 million shares worth N1.63 billion, while Multiverse accounted for 50 million shares valued at N10 million.

Sterling Bank sold 29.20 million shares worth N35.73 million, while FBN Holdings transacted 18.42 million shares worth N91.19 million.

In another development, the Naira on Wednesday dipped slightly against the dollar at the investor’s window, closing at N388.7 to a dollar from N388.50 traded on Tuesday.

Market turnover at the investor’s window stood at 29.77 million dollars, shedding 8.95 million dollars from 38.72 million dollars recorded on Tuesday, representing 23.11 per cent decrease.

Trading at the official Central Bank of Nigeria window showed the Naira traded at N381 to a dollar.

The Nigerian currency, however, exchanged at N472 to a dollar at the parallel market in Lagos, while the Pound Sterling and the Euro closed at N578 and N530.

The COVID-19 pandemic and the shortfall in proceeds from the sale of oil, a critical segment of the FX market, Bureau De Change operators never received their weekly FX interventions from the Apex bank.

Nigeria operates a multiple exchange rate policy and efforts at unification of rates has become a challenge that the regulatory authorities need to surmount.