- Naira skids to ₦1,419.11/$ at official market
At the start of the trading week, the Local Bourse’s All-Share Index experienced a 0.19 percent decline, reaching 97,962.24 points, despite seeing more advancing stocks (25) than declining ones (19) on the Exchange.
Consequently, equity investors faced a portfolio loss of N107.70 billion, leading to a 0.19 percent decrease in market capitalization to N55.40 trillion.
Notable declines were observed in stocks like DANGSUGAR (-10.00%), NSLTECH (-10.00%), CAP (-9.88%), BERGER (-9.87%), and PRESCO (-9.72%), while STERLINGNG, FBNH, HONEYFLOUR, TANTALIZER, and CAVERTON experienced appreciable gains of +9.95%, +9.83%, +9.40%, +9.09%, and +8.90%, respectively, emerging as top gainers for the day.
Sectoral performance leaned towards bearishness, with losses across various indices. The Banking, Insurance, and Consumer Goods sectors experienced declines of 0.41 percent, 0.70 percent, and 0.79 percent, respectively. Meanwhile, the Oil/Gas and Industrial Goods indices remained relatively stable with minor decreases of 0.02 percent each. Despite this downturn, trading activity surged, indicating robust market movement. Total deals, volume, and value increased significantly by 32.39 percent, 4.59 percent, and 1.20 percent, respectively.
In total, there were 8,714 trades, with a trading volume of 277.24 million units valued at N5.08 billion. UBA emerged as the most traded security in terms of volume and value, with 34.56 million units exchanged, valued at N799.45 million, in 646 deals.
In the money market, the overnight NIBOR recorded an uptick by 0.10 percent points, closing at 30.93 percent, signaling tightened liquidity. However, key money market rates such as the open repo rate (OPR) and overnight lending rate (OVN) nosedived to conclude at 29.33 percent and 30.67 percent, respectively.
In the Nigerian Interbank Treasury Bills market, the Nigerian Interbank Treasury Bills True Yield (NITTY) exhibited a downward trend across tenor gauges. Thus, the average secondary market yield for Nigerian Treasury Bills declined by 0.15 percent to close at 21.35 percent.
The secondary market for FGN Bonds exhibited slight bearish trading activity, leading to a marginal increase in the average yield by 0.01 percent to 18.94 percent. In Nigeria’s sovereign Eurobonds market, positive trading activity contributed to a decline in the average yield by 0.19 percent to 9.79 percent.
Foreign Exchange Market In the foreign exchange market, the Naira experienced 5.96 percent depreciation against the dollar, concluding at ₦1,419.11 at the official rate, and ₦1,340 in the parallel market.
