MON JUNE 03 2024-theGBJournal| Trading in the domestic stock market began the week on a negative note as investors sold off FBNH (-4.7%), SEPLAT (-1.3%) and TRANSCORP (-3.9%). Thus, the All-Share index declined by 0.2% to close at 99,118.86 points. Consequently, the Year-to-Date return settled at +32.6%.
The total volume of trades decreased by 19.5% to 349.59 million units, valued at NGN5.24 billion, and exchanged in 8,082 deals. VERITASKAP was the most traded stock by volume at 57.95 million units, while GTCO was the most traded stock by value at NGN1.89 billion.
Sectoral performance was mixed as the Banking (-0.8%), Consumer Goods (-0.1%), and Industrial Goods (-0.1%) indices declined, while the Oil & Gas index closed flat. The Insurance index (+2.8%) was the sole gainer of the day.
As measured by market breadth, market sentiment was positive (1.3x), as 22 tickers gained relative to 17 losers. The top gainers were CORNEST (+10.0%) and DEADCAP (+10.0%), while ETRANZACT (-9.8%) and UNITYBNK (-9.8%) led the laggards.
The naira appreciated by 0.7% to N1,476.12/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Recall that last week, the exchange rate at the NAFEM window closed the week 0.21% weaker following renewed demand for US dollars coinciding with large Non-Deliverable Forward maturities, closing at N1,485.99/US$1 after hitting a high of N1,173.88/US$1 earlier in the week.
Conversely, the Naira appreciated by 1.34% in the parallel market, ending the
last trading session at N1,490.00/US$1.
The CBN’s published gross foreign exchange reserves ended the week 0.13% lower closing at US$33.69bn.
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