Nigerian stock market closes on a bearish note, All Share Index plunges by 1.96%
The exchange value of the Naira to dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) also knows as the Investors and Exporters (I&E) window appreciated to N400/$ on Wednesday from N401 which it traded at on Tuesday.
The data gathered by Nigeria Today from the I&E window showed that trading began on Wednesday with an opening indicative of N401.04 and closed at N400/$. Dollar sold for as high as N405 and as low as N386/$ compared to N422.59 and N390 on Tuesday. The turnover for the day rose to $50.74 million from $49.07 million.
At the parallel market, the Naira firmed as it traded at N478/$, N652 and N575 per pounds sterling and Euro respectively. At the Bureau De Change (BDC) the Naira also firmed at 478/$ and 652/£ and N575/€.
Meanwhile, at the Central Bank of Nigeria (CBN) end of the Foreign exchange market, the Naira stabilized at N380/$ although it depreciated against the pounds sterling and euro to trade at N525.8 and N460.75 respectively.
Also at the Nigerian stocks exchange, Nairametrics reported that the Nigerian stocks ended the third trading session of the week on a bearish note. The All Share Index plunged by 1.96 per cent to close at 40,696.01 index points as against the 0.13 percent plunge recorded yesterday.
“Nigerian Stock Exchange market value now stands at N21.29 trillion. Its Year-to-Date (YTD) returns currently stands at +1.06 percent. Investors lost N425.92 billion.”
Nigerian stocks trading turnover on Wednesday ticked up as volume rallied by 19.92 percent as against the 10.10 percent downtick recorded on Tuesday.
ZENITHBANK, FBNH, and GUARANTY were the most active to boost market turnover.
The market breadth at the Nigerian Stock market ended negative as NIGERINS led 13 Gainers as against 35 Losers topped by FIDSON at the end of today’s session – an unimproved performance when compared with the previous outlook.