Market Dynamics: Nigerian Stocks Retreat Amid Currency Devaluation - Android Pols

Market Dynamics: Nigerian Stocks Retreat Amid Currency Devaluation
Market Dynamics: Nigerian Stocks Retreat Amid Currency Devaluation


The benchmark All-Share Index fell by 1.36% to settle at 98,233.76 points, while the overall market capitalization also dropped by 1.35%, concluding the week at N55.56 trillion.


Last week, the Nigerian Exchange Limited witnessed a 1.36% retreat, influenced by the depreciation of the Naira and resulting in a downturn for 41 listed companies.


The benchmark All-Share Index fell by 1.36% to settle at 98,233.76 points, while the overall market capitalization also dropped by 1.35%, concluding the week at N55.56 trillion.


Leading the downturn were PZ Cussons, Mcnichols, and Secure Electronic Technology, which saw their values plummet by 26.97%, 20.18%, and 16.95%, respectively.


Conversely, Tantalizers (27.78%), FTN Cocoa Processors (20%), and Presco (15.31%) stood out among the 37 gainers, showcasing resilience amidst the market's overall decline.


Trading activity was robust, with 2.187 billion shares changing hands at a value of N50.667 billion across 45,277 transactions. This marked an increase from the previous week's 1.941 billion shares valued at N32.644 billion in 35,807 transactions.


The financial services sector led the charge in terms of volume, with 1.428 billion shares worth N28.85 billion traded in 24,418 deals, accounting for 65.29% and 56.94% of the total equity turnover volume and value, respectively.


The consumer goods sector followed suit, with 385.661 million shares valued at N9.92 billion traded in 5,826 deals. The conglomerates sector also made its presence felt with 3,271 transactions involving 133.697 million shares valued at N1.715 billion.


United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc were the most actively traded stocks, representing 46.63% and 46.64% of the total equity turnover volume and value, respectively.


It's important to note that the Naira has been on a downward trajectory, with its value falling to N1466.31 per dollar in the official foreign exchange market as of last Friday.


Suleiman Inuwa

I am a professional website developer and also an SEO expert.

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