Nigeria Stock market indices up by N126b as Naira appreciates to N359.81/$ in I&E window

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Following price gains recorded by more highly capitalised stocks, transactions on the Nigerian Stock Exchange continued in an upbeat yesterday, as the market capitalisation increased further by N126 billion.

Yesterday, the All-share index rose by 0.9 per cent to 40, 846.24 from 40,499.04 recorded on Tuesday, Also, the market capitalization rose by N126 billion from N14.628 trillion to N14.754 trillion.

Capital market analysts opined that the equity market outlook remains positive in the medium-to-long term,

“In the medium-to-long term, we look forward to positive performance in the equities market, as relatively lower prices of value
stocks further create opportunities for bargain hunting.

“Following the consecutive bullish performance recorded, we anticipate this trend to continue in subsequent trading sessions as attractive entry opportunities remain in the market.”

Mobil topped the gainers chart with N13.50 kobo to close at N192.00 per share. Dangote cement followed with N5.00 kobo to close at N260.00 per share. International Breweries added N2.50 kobo to close at N54.00 per share.

WAPCO gained N1.25 kobo to close at N43.65 per share. Unilever appreciated by N0.80 kobo to close at N53.90 per share.

Betaglas emerged the day’s highest price loser, shedding N3.75 kobo to close at N71.95 per share. FO followed with N1.10 kobo to close at N37.50 per share.

PZ Cussons lost N0.45 kobo to close at N23.00 per share. Red star express dipped by N0.30 kobo to close at N5.70 per share. Dangote Flour depreciated by N0.3 kobo to close at N13.15 per share.

On the activity chart, Zenith Bank dominated in volume terms with 100 million shares worth N2.6 billion while Skye Bank followed with 43 million units valued at N27 million.

Access Bank accounted for 23 million shares worth N283 million. Guaranty Trust Bank traded 21 million units worth N908 million. United Bank for Africa recorded 19 million units worth N215 million.

In all, investors exchanged 367 million shares valued at N5.3 billion in 4,462 deals, lower than 388.28 million shares worth N4.21 billion transacted in 4,222 deals on Tuesday.

Meanwhile the Naira, yesterday, appreciated for the first time this week by 57 kobo to N359.81 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I&E also known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N359.81 per dollar, yesterday, from N360.38 per dollar on Tuesday, translating to 57 kobo gain in the naira.
The appreciation was in spite of the 28 percent decrease in the volume of dollars traded in the I&E window. The turnover in the window yesterday dropped to $242.92 million from $339.13 million recorded on Tuesday.

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