MON, MAR 18 2024-theGBJournal| The Nigerian currency vaulted to it’s best level against the dollar in over six months Monday while the equity market fell 0.4% undermined by sell pressures on MTNN (-7.5%).
The local currency gained 2.3% to N1,572.68/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) at the close of official trading.
AT the equities market, the All-Share Index closed at 104,663.34 points, as the Month-to-Date and Year-to-Date returns moderated to +4.7% and +40.0%, respectively.
The total volume traded increased by 32.3% to 287.45 million units, valued at NGN10.80 billion, and exchanged in 9,077 deals. UBA was the most traded stock by volume at 46.23 million units, while TRANSPOWER was the most traded stock by value at NGN3.63 billion.
Analysing by sectors, the Insurance (+3.0%) and Banking (+2.5%) indices advanced, while the Industrial Goods and Oil & Gas indices closed flat. The Consumer Goods (-0.4%) index was the sole loser for the day.
As measured by market breadth, market sentiment was positive (1.5x), as 27 tickers gained relative to 18 losers. ABCTRANS (+9.9%) and NEM (+9.8%) topped the gainers’ list, while MCNICHOLS (-9.3%) and DAARCOMM (-9.0%) recorded the highest losses of the day.
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