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HomeBusinessNigeria's stock market declines first this week as naira depreciates to N424.88/$

Nigeria’s stock market declines first this week as naira depreciates to N424.88/$

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By Ifeyinwa Ezeokoli 

The local stock market on Wednesday traded with mixed sentiments as the market declined by N1 billion while the index was down by 1.5 points.

The All Share Index (ASI) decreased by 1.50 points, representing a dip of 0.003 per cent to close at 51,802.48.

The market capitalisation of equities listed on the NGX declined to N27.927 trillion from N27.928 trillion as of the previous close.

The month-to-date loss and year-to-date return remained unchanged at -2.2 per cent and +21.3per cent, respectively.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; PZ Cussons Nigeria, Ecobank Transnational Incorporated (ETI), University Press, United Capital and Guaranty Trust Holding Company (GTCO).

On market outlook, GTI Securities Limited said “Stock market closes for yesterday slightly negative, as investors’ bargain hunting was dominant in all the market sectors.

“However, we expect cautious trading and profit-taking to continue in the domestic market.”

As measured by market breadth, market sentiment was positive with 17 gainers in relative to 14 losers.

Ikeja Hotel dominated the gainers’ chart in percentage terms by 10 per cent to close at N1.21 per share.

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Royal Exchange followed with 7.29 per cent to close at N1.03, while NPF Microfinance Bank appreciated by 7.27 per cent to close at N1.77 per share.

Fidelity Bank went up by 4.88 per cent to close at N3.44, while Glaxosmith appreciated by 4.84 per cent to close at N6.50 per share.

On the other hand, University Press led the losers’ chart in percentage terms by 9.62 per cent to close at N2.35 per share.

Chams followed with a decline of eight per cent to close at 23k, while Linkage Assurance went down by 6.90 to close at 54k per share.

Cutix lost 6.25 per cent to close at N.25, while FTN Cocoa Processors shed 5.71 per cent to close at 33k per share.

Also, the total volume of trades increased by 32.4 per cent to 416.47 million units valued at N3.46 billion exchanged in 4,466 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 212.51 million shares valued at N53.13 million.

GTCO followed with 42.15 million shares worth N867.54 million, while United Bank for Africa traded 23.99 million shares valued at N179.04 million.

FBN Holdings traded 23.16 million shares valued at N262.18 million, while Access Holdings transacted 22.53 million shares worth N208.54 million

On the money market, the interbank lending rate was flat as the Overnight (O/N) rate remained unchanged at 14.00 per cent, while the Open Repo (OPR) also remained unchanged at 14.00 per cent.

At the I&E FX market, the Naira depreciated by 0.80 per cent as the dollar was quoted at N424.88 against the last close of N421.50.

traders said most participants maintained bids between N413.00 and N444.00 per dollar.

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