June 26, (THEWILL) – The Naira opened the week on Monday at N768.17/$ — stronger than it closed the previous week where it plunged to N770.17/$ on Friday, June 23.
This represents a 3 percent gain as traded volume also expanded to $198.13 million from $125.47 million it did on Friday, showing a 57 percent rise.
This indicates increased confidence in the foreign exchange reform which kicked off on Wednesday, June 14, 2023 with the floating of the Naira and unification of the forex windows.
On the other hand, the Nigerian equities market kicked off this week’s trading on a bullish note with market capitalisation hitting N32.3 trillion compared with N32.2 trillion in the last trading of Friday, reflecting a gain of N72 billion.
This followed increased demand for BUACEMENT (+2.5%) which closed at N92.25 from the share price of N90.00 per share. Similarly GTCO (+4.0%) gained N1.25 to close at N32.70 from its N31.34 per share, among the other stock movements.
The All-Share Index advanced by 0.2 percent to 59,338.76 points as against 59,203.75 points last Friday.
Accordingly, the Month-to-Date and Year-to-Date returns increased to +6.4 percent and +15.8 percent respectively.
The total volume traded declined by 12.0 percent to 552.69 million units, valued at N13.06 billion, and exchanged in 8,052 deals.
ACCESSCORP was the most traded stock by volume at 74.60 million units, while BUACEMENT was the most traded stock by value at NGN3.86 billion.
From a sectoral perspective, gains in the Banking (+2.4%), Insurance (+1.7%), Industrial Goods (+1.0%), Oil & Gas (+0.5%), and Consumer Goods (+0.1%) indices reflected the overall market performance.
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.
