..As Naira Gains, Exchanges N1,598.95/$1
The Nigerian equities market closed trading session on Wednesday on a bearish note as the All-Share Index (NGXASI) declined by 0.68% to close at 104,136.35 points.
Available data from the Nigerian Exchange Group (NGX) on the day’s trading trend linked the dip in the ASI primarily to profit-taking in key mid- to large-cap stocks such as GTCO (-0.95%), FCMB (-3.80%), ZENITHBANK (-3.93%), and OANDO (-0.92%).
Consequently, the year-to-date (YTD) return declined to 0.90%, down from 1.59% recorded in the previous trading session, resulting in a total loss of N444.98 billion to investors in value and bringing the market capitalization down to N65.25 trillion.
According to the data, the market activity was mixed as volume traded declined by 4.65% to 351.65 million units, while turnover rose by 26.12% to N13.71 billion across 12,141 trades, reflecting a shift in interest toward higher-value equities despite the overall risk-off sentiment.
On the gainers’ chart, ABBEYBDS and SOVRENINS led the gainers, appreciating by 9.99% and 7.69% respectively, closing at N8.15 and N0.98 respectively.
The sectoral performance was broadly negative, with the Banking sector posting the biggest losses due to depreciation in the value of FCMB and ZENITHBANK stocks, though gains were recorded by FIDELITYBK (+6.74%), ACCESSCORP (+0.47%), and FBNH (+2.46%), which helped to cushion the decline.
Also, the Oil and Gas sector closed lower following the loss recorded by OANDO (-0.92%), while the Industrial goods sector ended flat.
On the other hand, the Insurance sector was the top performer recording a 0.80% appreciation with strong gains recorded in SOVRENINS (+7.69%), ROYALEX (+6.17%), WAPIC (+5.83%), and REGALINS (+5.56%) while the Consumer Goods sector recorded a modest uptick as NB gained 2.65% and HONYFLOUR appreciated by 0.18%.
Meanwhile, on the foreign exchange (FX) market, the naira appreciated by 0.34% to close at N1,598.95/$1 at the CBN’s EFEM window, marking its first gain in several sessions and reflecting the improved liquidity of the volatile market.
