July 11, (THEWILL) – Nigeria equities market sustained its bullish sentiments as buying interests in DANGCEM (+9.3% from N360.70 share price), and BUACEMENT (+6.6% with N97 per share) which drove a 1.7% increase in the benchmark index – the highest since March 2008.
As a result, the NGX ASI settled at 65,669.29 points, with the Month-to-Date and Year-to-Date returns increasing to +7.7% and +28.1%, respectively, as against 64,603.69 on Monday.
Market capitalisation climbed to a 15-year high of N35.7 trillion compared with N35.1 trillion in the previous trading day, which earned investors N580 billion.
The total volume traded declined by 54.1% to 844.72 million units, valued at NGN9.41 billion, and exchanged in 8,922 deals. CHAMS was the most traded stock by volume at 91.71 million units, while GTCO was the most traded stock by value at NGN1.09 billion.
Sectoral performance was mixed, as the Industrial Goods (+7.5%) and Oil & Gas (+0.7%) indices recorded gains, while the Banking (-3.1%), for the day
On forex, the naira depreciated by 9% to NGN788.42/USD at the I&E window as against N744.07 the previous day. Tuesday’s depreciation rate of the Naira was the deepest since June 14 when the multi-window forex channel was abolished.
Daily market turnover rose to $97.69 million in contrast to the previous day’s N73.42 million, representing an increase of 33%.
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.
