Dollar to Naira News

Equity market sustains bearish trend with N114bn loss – Punch Newspaper

By Temitope Aina

The bearish trading pattern was sustained on the Nigerian exchange on Tuesday, resulting in a N114bn deduction from the wealth of investors.

The market capitalisation and the share index dipped by 0.20 per cent to close at N56.46 and 99,805.95, respectively.

On Monday, the  Nigerian Exchange resumed the week with a loss of N8.62bn due to a dip in Caverton Offshore, Associated Bus Company, Nigerian Breweries, and 38 other stocks.

At the close of Tuesday’s trading, the daily traded volume stood at 422.68 units, representing a 38.7 per cent decrease from a volume of 689.98 units traded in the previous session.

However, the value of traded stocks increased by 653.03 per cent in the session to stand at N53.96bn, as against a value of N7.17bn recorded in the previous trading session.

ATP Securites and Fund Limited, said in its daily report.

“The Nigerian Equities Market witnessed a decrease in trading activity today as deals, volume and equity declined, indicating subdued investor participation and a lack of significant market movement.” Also, the day’s trading witnessed bullish activity, with more gainers (28) than losers (224). Across sectors, four indices saw gains in performance, while the other two saw losses. The banking and insurance indices had losses of 1.99 per cent and 0.15 per cent, respectively.

The Oil & Gas and Consumer Goods indices increased by 0.45 and 0.3 per cent, respectively. Also, the industrial goods and the ICT segments gained.

Afrinvest research projected “a positive performance to be driven by bargain opportunities” in the market.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

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