– Naira Drops 0.25% At I&E Window
BEVERLY HILLS, February 02, (THEWILL) – The Nigerian Stock Exchange (NSE) closed negative at the end of the second trading day in February with the NSE-All Share Index declining by 0.74 per cent to 42,043,79 basis points (bsp) as against 42,357.90 bsp recorded at the previous day’s session (February 1).
This represents a 1-week gain of 1.1 per cent, a 4-week gain of 4.08 per cent, and an overall year-to-date gain of 4.4 per cent.
A total of 563,219,267 shares in 7,116 deals, corresponding to a market value of NGN 4,789,871,124.31, were traded in today’s session. This shows 4 per cent decline in volume, 20 per cent decline in turnover, and 7 per cent decline in deals compared with activities of the previous trading session.
NSE market capitalization closed N21.99 trillion as against N22.15 trillion at the trading session of February 1, showing N164.31 billion dip or 0.74 per cent decrease.
A total of 111 NSE listed equities participated in today’s trading, ending with nine gainers and 50 losers as pressure mounted on the profit-taking window.
According to post-trading data published by the NSE, Uniliver, Champion Breweries, E-Tranzact, Custodian Insurance and Honeywell top the gainers’ table.
On the losers’ chart are Nigerian Breweries, WAPCO, Ardova (formerly Forte Oil), BOC Gases and Zenith Bank.
Other remarkable indices recorded at Tuesday’s trading include the NSE Premium Index (-0.82 per cent; +2.05 per cent 1Wk; +3.21 YTD). NSE ASeM Index (+0%), NSE Lotus Islamic Index (-0.39%; +1.1% 1WK; +2.51% YTD), NSE Industrial (-0.51%; +0.13% 1WK; +0.89% YTD), and NSE Oil & Gas (-0.52%; -1.55% 1WK; +12.09% YTD).
Analysts predict rapid decline in the stock market breadth as 2020 annual reports of listed companies flood the Nigerian Stock Exchange, giving investors the push to buy into new stocks or sell off existing ones.
It is bargain hunters’ season; moreover, as investors flee the low yield environment of the fixed income market”, said Kunle Adepoju, a stock-broker.
At the forex window, the Naira lost 0.25 per cent at the I&E FX window to close at N395/USD from N394/USD recorded on Monday.
Data obtained from the FMDQ Securities Exchange Website where NAFEX rates are published showed intra-day figures of N416.95/USD high, and N388.00/USD low, before closing at N395/USD.
Daily turnover was 71.25 while CBN official rate closed at N379/USD.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
