Business News

Naira Now N472.50/$1 at Official Market, N765/$1 at Black Market

By Dipo Olowookere

The key performance indicators of the Nigerian Exchange (NGX) Limited further depreciated by 0.05 per cent on Friday despite the strong investor sentiment at the close of transactions.

The downfall of the local bourse continued due to profit-taking in oil stocks, especially Conoil and Oando, with the energy index down by 1.60 per cent and the industrial goods sector down by 0.56 per cent. But the insurance index was up by 3.78 per cent, the banking counter appreciated by 0.13 per cent, while the consumer goods sector closed flat.

When the closing gong was struck at the close of business, the All-Share Index (ASI) moderated by 25.62 points to 55,930.97 points from 55,956.59 points, as the market capitalisation declined by N14 billion to settle at N30.455 trillion compared with Thursday’s closing value of N30.469 trillion.

Business Post reports that despite the bearish outcome, investor sentiment was strong, as reflected in the market breadth index, with 33 price gainers and 17 price losers.

Conoil finished the session as the worst-performing stock after it went down by 9.95 per cent to N71.95, ABC Transport declined by 9.30 per cent to 39 Kobo, Sovereign Trust Insurance fell by 9.09 per cent to 40 Kobo, Sunu Assurance depreciated by 8.51 per cent to 43 Kobo, and Courteville crashed by 8.00 per cent to 46 Kobo.

The best-performing equities yesterday were NEM Insurance and Omatek, which gained 10.00 per cent each to finish at N6.05 and 22 Kobo apiece. Golden Guinea Breweries appreciated by 9.88 per cent to 89 Kobo, Chams jumped by 9.52 per cent to 46 Kobo, and FTN Cocoa rose by 9.41 per cent to 93 Kobo.

FCMB ended the trading day as the most traded stock as it exchanged 204.8 million units valued at N942.0 million, Access Holdings traded 40.1 million units worth N518.3 million, Japaul transacted 37.8 million units valued at N17.9 million, Fidelity Bank sold 33.2 million units worth N191.2 million, and FBN Holdings transacted 23.8 million units valued at N333.3 million.

At the close of transactions, investors transacted 574.7 million equities worth N6.1 billion in 6,595 deals on Friday compared with the 531.8 million equities worth N7.7 billion transacted in 6,061 deals on Thursday, implying a decline in the trading value by 20.78 per cent, an increase in the trading volume and the number of deals by 8.07 per cent, and 8.81 per cent apiece.

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