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Naira Stable At N498/$ At Parallel Market
The Nigerian Naira on Monday, February 6, remained unchanged at the parallel or black segment of the foreign exchange market, trading at N498 against the United States dollar.
The local currency also exchanged at N617 against the British Pound Sterling, while trading at N527 against the Euro at the black market.
At the official interbank or spot FX segment of the currency market, the Naira also remained stable exchanging at N305.25 to the greenback
According to traders at the currency market, scarcity of the greenback still lingered despite the recent weekly sale of forex to BDCs by the Central Bank of Nigeria, CBN.
On Friday, February 3, the naira remained unchanged at the parallel or black segment of the Nigerian foreign exchange, forex market, trading at N498 to the U.S Dollar
At the official Interbank or Spot FX market, commercial lenders quoted the local currency at 305.25 a dollar, about the level it has traded since August.
NSE Index Sustains Downward Spiral With 0.83% Loss
Transaction on the Nigerian Stock Exchange, NSE, on Monday, February, 6, continued movements south as the All Share Index dropped 0.83 percent to close the day at 25,587.09 points, compared to 0.52 percent lost last Friday when it closed at 25,802.54 points.
Likewise, Market Capitalization also depreciated by N74.3 billion to close at N8.818 trillion, bringing the Year-to Date return to -4.82 percent.
Market breadth remained weak with eight equities on the gainers’ chart paired against 25 on the losers’ chart
A majority of the indices closed red, except the Consumer Goods Index that advanced slightly by 0.02 percent following leap recorded in Dangote Sugar and Nigerian Breweries.
UAC-Prop topped the day’s losers’ chart with a decline of 9.27 percent to close at N2.25, Air Service was next with a depreciation of 9.13 percent to close at N2.39.
Glaxosmithkline dropped 5 percent to close at N14.25, PZ Cussons shed 4.95 percent to close at N12.87 and Neimeth Pharmaceuticals depreciated 4.84 percent to close at 59 kobo per share.
On the other side, United Capital led advancers with 4.79 percent growth to close at N3.72, Livestock Feeds followed with a growth of 4 percent to close at 78 kobo per share while AIICO Insurance added 1.72 percent to close at 59 kobo. NEM increased 1.25 percent to close at 81 kobo and Dangote Sugar gained 0.67 percent to close at N6.05.
Most actively traded stock for the day was FBN Holdings that traded 25.3 million units of shares, worth N88.2 million, Standard Trust Alliance (STACO) was next with 20 million units valued at N10 million and Fidelity Bank was third with 13.6 million units of shares valued at N12.1 million.
FCMB was the fourth most traded stock with 13.3 million units valued at N16.7 million while Zenith Bank emerged fifth on the day’s top traded list with 12.2 million units of shares at N187.3 million.
At the end of trading, investors moved 152.4 million shares, 5 percent higher than 144.6 million shares sold previously, while value of equities traded for the day dipped to N903.5 million, 25 percent lower than N1.2 billion recorded previously.
The day’s transactions were carried out in 2706 deals, compared to 2,350 deals in previous session.
