- Advertisement -spot_img
33.2 C
Lagos
HomeBusinessNigeria's equity market declines N26 bln as naira falls 0.46% to dollar...

Nigeria’s equity market declines N26 bln as naira falls 0.46% to dollar on fx mkt

- Advertisement -spot_img

By Ifeyinwa Ezeokoli 

Activities in the Nigerian equity market on Monday opened the week and month of April on a bearish note as overall capitalisation closed lower by N26 billion.

This is coming on the heel of the depreciation in naira value against the greenback on the official I&E foreign exchange market by 0.46 percent.

The equity market capitalisation lost N26 billion to close at N29.518 trillion compared with the N29.544 trillion it closed the previous trading day.

Also, the All-Share Index (ASI) decreased by 48.00 points, representing a dip of 0.09 percent, to close at 54,184.34 points.

Thus, the month-to-date and year-to-date returns settled at -0.1 percent and +5.7 percent, respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; UACN, Eterna, PZ Cussons Nigeria, Ecobank Transnational Incorporated, and Champion Breweries

Analysts at United Capital Plc said that “looking ahead, we expect risk-on sentiments to be sustained in the equity markets.

“The choice strategy is to take positions in stocks with attractive pricing, solid valuations, and dividend yields ahead of the dividend-paying season.”

Meanwhile, market breadth, which is measured by market sentiment, was negative, as 17 stocks gained relative to 22 losers.

SCOA led the losers’ chart in percentage terms by 10 percent to close at 90k per share.

UACN followed with 9.95 percent to close at N8.60, while SUNU Assurance went down by 9.62 percent to close at 47k per share.

READ ALSO: The main reasons why OPEC+ is cutting output

Eterna lost 9.56 percent to close at N6.15, while Associated Bus Company shed 8.11 percent to close at 34k per share.

On the other hand, Lasaco Assurance and AXA Mansard Insurance led the gainers’ chart with 10 percent each to close at N1.21 and N2.09 per share, respectively.

Nigerian Aviation Handling Company followed by 9.88 percent to close at N8.90 per share.

Ikeja Hotels rose by 8.20 percent to close at N1.32, while FTN Cocoa Processors appreciated by 7.69 percent to close at 28 K per share.

The total volume traded declined by 47.6 percent to 292.560 million units valued at N2.38 billion exchanged in 4,408 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 79.73 million shares worth N426.80 million.

Transcorp followed with 28.78 million shares worth N39.88 million, while United Bank for Africa traded 26.82 million shares valued at N224.11 million.

Access Holdings traded 17.08 million shares valued at N153.61 million, while Oando transacted 13.05 million shares worth N73.65 million.

Meanwhile, the local currency fell against the dollar on the official market, closing at N463.50 to the dollar.

The naira had closed at N461.38 to the dollar on the market, indicating that it closed down by 0.46 percent at the close of transactions on Monday.

Traders said most participants maintained bids between 460.00 and 466.00 per dollar during the trading period.

(omayowa@globalfinancialdigest.com; Newsroom +234 8033 964 138)

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img