…At the NASD OTC Securities Exchange, market saw a slight decline, with the NSI falling by 0.23% to 3,260.4 and market capitalization also dropping by 0.23% to N1.847 trillion,
MON FEB 24 2025-theGBJournal| The NGX All-Share Index and market capitalisation gave up 0.34%, closing at 108,126.97 and N67.38 trillion respectively on Monday, indicating negative sentiment in the broader market.
Despite the decline in the main indices, trading volume rose by 13.31% to 357,758,781 shares, reflecting increased market activity and investor participation. The value traded also increased by 10.16%, reaching N9.21 billion.
Market breadth remained low at 0.46, highlighting that the number of declining stocks outweighed advancing stocks.
Jaiz Bank led in trading volume with 48.19 million shares, posting a modest gain of 0.29%, while Zenith Bank recorded the highest value traded at N1.37 billion.
At the NASD OTC Securities Exchange, market saw a slight decline, with the NSI falling by 0.23% to 3,260.4 and market capitalization also dropping by 0.23% to N1.847 trillion, indicating a marginal negative sentiment.
However, trade volume surged by 683.09% to 3,074,170 shares, showing a significant increase in activity.
The value traded rose significantly by 11,291.99% to N172.7 million, and trades increased by 162.50% to 21, indicating more investor participation, though the drop in key indices suggests caution in the market.
SDNASDPLC saw a strong 9.99% increase, the other stocks experienced declines, with SDFOODCPT (-7.32%), SDGEFLUID (-5.53%), and SDCSCSPLC (-0.91%) showing bearish trends
The official FX rate falls by 0.2% to N1,503.63/USD as optimism wanes.
The Naira appreciated by 0.57% against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) last week, closing at N1,501.08/US$1.
This brought the year-to-date appreciation to 2.48%. While the parallel market showed a stronger positive momentum, recording an appreciation of 3.65% on the week to close at N1,505.00/US$1.
At the close of the week, the official market was trading at a premium of 0.26% (or N3.92) to the street market rate.
The currency’s recovery followed market optimism as investors processed key economic data particularly from the last MPC meeting were all key monetary parameters were held constant, keeping the Monetary Policy Rate (MPR) at 27.50%.
The CBN Governor stating that it was too early to cut the policy rate despite a slowdown in inflation to 24.48% in January 2025 from 34.80% in December 2024 after the rebasing exercise.
The CBN’s published gross foreign exchange reserve continued its weekly decline for the seventh consecutive week, down by 0.77% on the week or US$300.11mn to close at US$38.74bn.
In the last seven weeks, the reserve has dropped by a total of US$2.15bn.
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