July 05, (THEWILL) – Nigeria Naira closed at N742.31/$ on Monday, gaining 3.5 percent over yesterday’s N768.44/$ on the I&E Window, according to report by FMDQ. The aggregator also announced on its website that daily turnover on the official window dropped to $73.86 million from $88.68 million the previous day, signifying a 16.8 percent decline.
On the other hand, equities market recovered from yesterday’s decline, posting gains as the benchmark index rose by 1.33% to close at 61,523.57 points, compared to 60,715.04 basis points the previous day.
Market capitalisation also rose to N33.5 trillion from N33.06 on Tuesday, showing investors gained N440 billion on Wednesday.
Renewed demand for index heavyweights mainly MTNN (+0.37% on share price of N13.615), BUACEMENT (+9.44% with 92.25 price per share) alongside ZENITHBANK (+0.59% from N33.95 per share) were the major drivers of the broader index positive performance.
Consequently, the year-to-date (YTD) return rose to 20.04%..
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 15.59%.
A total of 846.32m shares valued at ₦10.31bn were exchanged in 9,815 deals. FBNH (+3.35%) led the volume and value charts with 89.24m units traded in deals worth ₦1.65bn.
Market breadth closed positive at a 1.22-to-1 ratio, with advancing issues outnumbering declining ones. JAPAULGOLD (+9.52%) led twenty-seven (27) others on the gainer’s log, while NEM (-10.00%) topped twenty-two (22) others in the laggard’s league.
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.