Key Points
- The Nigerian Naira depreciates against the US Dollar by 0.47% on the official exchange market.
- The exchange rate closed at N1,507.83 per dollar.
- Nigerian stocks rose on Wednesday, reversing an earlier decline.
- The All-Share Index gained 0.17%, closing at 99,385.44 points.
- Investor interest in companies like Access Corporation, FBN Holdings, GTCO, and Zenith Bank drove the increase.
- The year-to-date return climbed to 32.91%.
- Total market capitalisation reached N56.22 trillion, a gain of N94.95 billion.
- Despite the gains, trading activity decreased by 23.57% in volume and 33.15% in value compared to the previous day.
- This suggests some investors may be cautious or waiting for opportunities.
Mid-week trading activities in the nation’s stock market regained their bullish trend as investors saw gains of N95 billion. The domestic bourse reversed the previous session’s bearish close as the NGX All-Share Index increased by 17 basis points, closing at 99,385.44 points, up from 99,217.60 points.
This positive performance was driven primarily by investors’ interest in stocks such as Access Corporation PLC, which saw a 0.27 per cent gain; FBN Holdings PLC, with a 2.99 per cent gain; GTCO PLC, which gained 0.92 per cent; Zenith Bank, with a 1.42 per cent gain; and 31 other stocks that recorded positive trading.
As a result, the year-to-date return settled at 32.91 per cent. The overall market capitalisation closed at N56.22 trillion, reflecting an increase in investors’ wealth by N94.95 billion.
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However, market activity for the day showed a decrease in both volume and value traded, by 23.57 per cent and 33.15 per cent respectively, amounting to 276.36 million units and N4.12 billion.
Analysts at Future View Research anticipate that the market may experience mixed trading due to potential profit-taking actions by investors in the upcoming sessions.
On the currency front, the Nigerian Naira experienced a 0.47 per cent depreciation against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) Window, closing at a rate of N1,507.83.
This juxtaposition of market and currency performance highlights the dynamic economic landscape and suggests potential implications for investors and market participants.