Naira Appreciates 1.88% To N1,572.68/$ At Official Market


The Naira strengthened by 1.88 percent at the official market, to close at N1,572.68 against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

In the Fixed income space, the Treasury Bills secondary market closed positively, as buying interest was observed across the curve. Consequently, the Average T-Bills yield moderated by 7bps to close at 18.54 percent.

Meanwhile, the FGN Bond market traded on a quiet note as the average FGN Bond yield was unchanged at 18.40 percent.

Meanwhile, the equities market of the Nigerian Exchange Limited (NGX) depreciated by N238.55 billion to begin the new week on investors’ profit-taking as the decline in the prices of MTN Nigeria Communication Plc and 26 others drove the market into the red territory.

The NGX All-Share Index declined by 0.4 percent to close at 104,663.34 basis points, as the Month-to-Date and Year-to-Date returns moderated to +4.7 percent and +40 percent, respectively.

Also, market capitalisation dipped by N238 billion to close at N59.178 trillion from N59.416 trillion when the market opened for trading.

However, market breadth closed positive, as 27 stocks gained relative to 18 losers. Associated Bus Company emerged as the highest price gainer at 9.86 per cent to close at 78 kobo, per share. NEM Insurance followed with a gain of 9.77 percent to close at N7.30, while Livestock Feeds advanced by 9.68 percent to close at N1.70 per share.

Nigerian Exchange Group rose by 9.55 percent to close at N24.10, while Thomas Wyatt Nigeria appreciated by 9.34 percent to close at N1.99, per share. On the other side, McNichols led others on the losers’ chart with 9.30 percent to close at N1.17, per share. DAAR Communications followed with a decline of 8.97 percent to close at 71 kobo, while UPDC shed 7.89 percent to close at N1.40, per share.

MTNN lost 7.58 percent to close at N247.50, while Regency Alliance Insurance depreciated by 5.13 percent to close at 37 kobo, per share.

The total volume traded went up by 32.34 per cent to 287.446 million units, valued at N10.801 billion, and exchanged in 9,077 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 46.232 million shares worth N1.190 billion. GTCO followed with an account of 35.350 million shares valued at N1.651 billion, while Transcorp traded 21.506 million shares valued at N325.986 million.

Zenith Bank traded 21.488 million shares worth N834.055 million, while FBN Holdings (FBNH) traded 17.920 million shares worth N698.140 million.

Comments are closed.