…As Naira falls to dollar at Investors and Exporters window***
Bearish sentiment resurfaced in the Nigerian stock market on Monday, following a sell-off in some bank stocks such as Fidelity Bank, Sterling Bank, Access Bank, and First Bank of Nigeria Holdings (FBNH), among others.
Specifically, the market capitalization lost N20.6 billion or 0.07 per cent to close at N27.921 trillion from N27. 941 trillion on Friday.
Also, the All-Share Index (ASI) declined by 38.22 points or 0.07 per cent to close at 57,791 against 51,829 the same day.
Accordingly, the year-to-date returns increased to 21.24 per cent.
Overall, the market was negative with 17 losers, relative to 18 gainers.
Fidson Pharmaceutical drove the gainers’ chart in percentage terms by 9.82 per cent to close at N12.30 per share.
Learn Africa followed with a gain 9. 79 per cent to close at N2.47, while UPDC rose by 9.71 per cent to close at N1.13 per share.
Prestige Insurance went up by 8.33 per cent to close at 39k, while Regent Alliance Insurance appreciated by 7.69 per cent to close at 28k per share.
On the other hand, Conoil led the losers’ chart in percentage terms by 9.9 per cent to close at N25.95 per share.
Redstar Express and RT Briscoe followed with 9.09 per cent each to close at N2.50 and 40k per share.
Cutix shed 7.69 per cent to close at N2. 28 per share, while Unity Bank lost 6.67 per cent to close at 42k per share.
Also, the total volume traded increased to 194.122 million units valued at N2.82 billion and exchanged in 4,899 deals.
Transactions in the shares of Transcorp topped the activity chart with 25.07 million shares valued at N31.77 million.
Guaranty Trust Holding Company (GTCO) followed with 20.18 million shares worth N413.02 million, while United Bank for Africa (UBA) traded 15.59 million shares valued at N131.22 million.
AIICO traded 13.61 million shares valued at N8.32 million, while First Bank of Nigeria (FBNH) transacted 11.63 million shares worth N131.92 million.
Analysist at GTI Securities said, “Equity market closed transaction for today negative, as bargain hunting resumes. We expect cautious trading to continue in the week.’
In another development, the naira depreciated against the dollar at the Investors and Exporters Window on Monday, exchanging at N425.75.
The figure represented a depreciation of 0.18 per cent, compared to the N425 for which it exchanged for the dollar before the close of business on July 1.
The open indicative rate closed at N422.25 to the dollar on Monday.
An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N425.75.
The Naira sold for as low as N413.40 to the dollar within the day’s trading.
A total of 47.56 million dollars was traded in foreign exchange at the official Investors and Exporters Window on Monday.