Naira Falls suite at N414.73 / $ 1 at the spot market


By Dipo Olowookere

Sustained interest in bank stocks, particularly senior stocks, extended the Nigerian Exchange (NGX) Limited’s uptrend by 0.12% on Wednesday.

The market closed in positive territory yesterday due to gains in the banking and industrials sectors, which closed up 0.06% and 0.05% each.

The duo weakened the effect of losses recorded by the trio of insurance, consumer goods and energy meters, which closed down 0.67%, 0.15% and 0.04% respectively.

At the close of trading, the All-Share Index (ASI) rose 48.54 points to 40,765.20 points from 40,716.66 points, while market capitalization increased by 25 billion naira to 21.242 billion. naira against 21.217 trillion naira.

During the session, 400.7 million shares worth 3.5 billion naira were traded in 5,145 deals, unlike the 433.0 million shares worth 3.1 billion naira traded in 4,377 trades in the previous session, indicating a decline in trading volume of 7.47 percent, an increase in market value of 11.33 percent and a growth in the number of trades of 17 , 55 percent.

Business post reports that the most traded stock in the market yesterday was FBN Holdings, as it traded 108.7million units valued at 1.1 billion naira and was followed by Transcorp, which traded 39.7million in ‘units valued at 38.4 million naira.

Ecobank traded 32.8 million shares worth 189.9 million naira, UBA traded 25.3 million shares worth 204.4 million naira, while Fidelity Bank traded 19.9 million shares worth 51.2 million naira.

On trading day, investor sentiment was negative despite the market closing in the Green Territory as there were 20 prize losers and 19 prize winners led by FBN Holdings, which rose 7.78% to complete at 9.70 N.

University Press gained 7.38% to sell for N1.31, Northern Nigerian Flour Mills rose 6.49% to N8.20, Livestock Feeds rose 5.38% to N2.35, while Universal Insurance s ‘is appreciated 5.00% at 21 kobo.

On the other hand, Pharma Deko lost 6.01 percent to top the rankings of laggards, closing at 2.66 N. ABC Transport fell 5.71% to 33 kobo, Regency Alliance fell 4 , 88% to 39 kobos, Chams fell 4.55% to 21 kobos, while Sovereign Trust Insurance fell 4.17% to end at 23 kobos.

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