…UBA was the most traded stock by volume at 42.25 million units, while MTNN was the most traded by value at N1.17 billion.
MON APRIL 15 2024-theGBJournal| The Nigerian equities market benchmark index, the NGX All-Share Index settled 0.5% lower today to close at 101,778.47 points amid disturbing inflation numbers released today by the National Bureau of Statistics (NBS).
The NBS report showed Inflation rate in Nigeria soared to 33.20% in March 2024, up from 31.70% in February of the same year just as cost of food in Nigeria experienced a substantial increase of 40.01% in March 2024 compared to the same period last year.
GTCO stock fell -7.7% to kock off the week with the Month-to-Date and Year-to-Date return printing at -2.7% and +36.1%, respectively.
The total volume of trades declined by 55.5% to 326.63 million units, valued at N7.17 billion, and exchanged in 10,770 deals.
UBA was the most traded stock by volume at 42.25 million units, while MTNN was the most traded by value at N1.17 billion.
Analysing by sectors, the Banking (-3.8%) and Insurance (-0.5%) indices recorded losses, while the Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.3x) as 31 tickers lost relative to 10 gainers.
FIDELITYBK (-10.0%) and JAIZBANK (-9.7%) topped the losers’ list, while UPDC (+10.0%) and MORISON (+9.8%) recorded the highest gains of the day.
At the official forex market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira appreciated by 0.6% to N1,136.04/US$, reflecting the sustained intervention on the market by the Central Bank of Nigeria.
Analysts say barring any shock, the naira is expected to remain stable, supported by improved FX liquidity conditions due to sustained inflows from Foreign Portfolio Investments (FPIs) and reduced speculation activities.
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