Currency Shortage Crushes Naira as Cryptocurrency Market Recovers

By Dipo Olowookere

The Nigerian Stock Exchange (NGX) Limited saw weak trading activity on Friday as bears dominated the landscape amid profit taking, leading to a loss of 0.11% at the close of business.

According to trading data, the trading volume, value and number of transactions decreased by 34.91%, 37.78% and 17.35% respectively, a total of 225.7 million units of shares. Nigerian securities worth N2.4 billion having been traded in 4,093 transactions. compared to 346.7 million shares worth N3.8 billion traded in 4,952 transactions a day earlier.

Fidelity Bank ended the session as the most traded stock with 24.9 million units worth N71.2 million, RT Briscoe traded 23.6 million units worth 6.9 million naira, Transcorp traded 16.4 million units worth 18.5 million naira, Chams traded 15.2 million units worth 3.1 million naira, while Courteville traded 12.9 million units worth 6.8 million naira.

Business post reports that the indices for banking and industrial goods rose 0.18% and 0.01% respectively yesterday, while the insurance, consumer goods and energy meters depreciated by 0.90%, 0 .58% and 0.24% respectively.

When the market ended the session at 2:30 p.m. yesterday, the All-Share Index (ASI) fell 49.88 points to 47,279.92 points from 47,329.80 points, while the market capitalization depleted by 27 billion naira to 25.477 trillion naira from 25.504 trillion naira. .

The market breadth was negative yesterday as there were 18 price winners and 24 price losers led by Presco which fell 10.00% to settle at N94.50.

NEM Insurance depreciated 9.76% to 3.33 Naira, International Breweries fell 9.40% to 5.30 Naira, University Press fell 5.66% to 2.50 Naira, while Chams fell 4.76% to 20 kobo.

On the other hand, SCOA Nigeria topped the winners board with price appreciation of 9.65% to N1.25, Livingtrust Insurance rose 8.77% to N1.24, Jaiz Bank gained 5.97 % to trade at 71 kobo, Guinea Insurance improved 4.76% to 22 kobo, while Champion Breweries also rose 4.76% to N2.20.

Comments are closed.