July 12, (THEWILL) – The Naira dropped slightly Wednesday on the I&E window to N782.49/$ as against N788.42/$ on Tuesday – a depreciation of 0.8%.
Total turnover also dropped to $68.10 million against $99.69 million on the previous day – a decrease of 30.3%
On equities market, the domestic bourse succumbed to sell pressure as the All-Share Index shed 2.47% to close at 64,046.93 points as against 65,669.29 points on Tuesday, thus ending its five-day winning streak.
Market capitalisation slipped to N34.8 trillion against N35.7 on Tuesday.
Selloffs in index heavyweight, DANGCEM (-9.62%, from N326) alongside NESTLE (-1.34% from N1175) and ACCESSCORP (-4.16% from N17.30) underpinned the market’s weak performance despite the recovery in ZENITHBANK (+0.73% to N34.35) and GTCO (+0.28% to N36.00).
Consequently, the year-to-date (YTD) return fell to 24.97%, while market capitalisation lost ₦883.39 billion.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 34.87%.
A total of 1.16bn shares valued at ₦12.69bn were exchanged in 13,878 deals. UBA (-0.70%) led the volume and value charts with 177.79m units traded in deals worth ₦2.44bn.
Market breadth closed negative at a 9.40 to-1 ratio with declining issues outnumbering advancing ones. FBNH (-10.00%) topped forty-six (46) others on the laggard’s table, while COURTVILLE (+10.00%) led four (4) others on the leader’s log.
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.
