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Naira drops to N584 / $ 1 at P2P, N416.33 / $ 1 at I&E

Naira drops to N584 / $ 1 at P2P, N416.33 / $ 1 at I&E

Le Dipo Olowookere

The Nigerian Exchange (NGX) Limited had a lucky escape from the bear dungeon on Friday on the back of buying interests in shares of PZ Cussons, GTCO, NGX Group and others.

Business Position The stock market reports a slight appreciation of 0.01 percent and from analysis of the trading data, the bears are still lurking around and could pounce on the exchange at any time.

This is because, despite the increase in market indices, investor sentiment remained weak as the exchange closed with 16 price losers and 15 price gains led by PZ Cussons, which rose 6.90 percent to N9.30.

Japaul valued 6.45 percent to 33 kobo, FTN cocoa grew 6.06 percent to 35 kobo, Prudent Africa improved 5.98 percent to N6.20, and Niger Insurance acquired 5.00 percent for sale at 21 kobo.

On the losers’ log, Northern Nigeria’s Flour Mills were on top as its equity price fell 7.83 per cent to trade at N10.00, followed by FCMB, which lost 7.22 per cent close at N3.34.

Livestock Feeds depreciated 6.06 percent to N1.55, Neimeth fell 3.68 percent to N1.57, and UPDC rose 3.30 percent to 88 kobo.

Yesterday, the activity chart was mixed as the value of transactions increased by 59.21 per cent to N4.2 billion from N2.6 billion, while the number of trades fell by 17.52 per cent to 177.1 million units from 214.7 million units, with whether the number of markets fell by 3.25 per cent to 3,873 by 4,003 bytes.

Fidelity Bank was the most active stock during the session as it sold 62.7 million shares worth N206.5 million, Zenith Bank exchanged 22.1 million equity worth N591.2 million, GTCO sold 16.4 million stocks for N381.6 million , UBA traded 12.3 million shares for N94.0 million, while Honeywell Flour exchanged 9.3 million ordinary shares worth N35.3 million.

A look at the performance of the five key market sectors revealed that two apartments were closed and were energy and industrial goods, while the banking, insurance and consumer goods counters were valued at 0.48 per cent, 0.15 per cent and 0.07 per cent. respectively.

When the market closed for the day by 2:30 pm, the All – Share Index (ASI) increased 3.94 points to 46,964.23 points from 46,960.29 points, while the market capitalization rose N2 billion to N25.311 trillion from N25.309 trillion .

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