Stocks, naira dip as Q2 trading resumes

Activities resumed on the Nigerian Stock Exchange (NSE) yesterday for the second quarter after the Easter holidays with a loss of 1.56 per cent.

NAN reports that the market capitalisation lost N234 billion or 1.56 per cent in a day to close at N14.758 trillion compared to N14.992 trillion achieved on Thursday.

Also, the All-Share Index which opened at 41,504.51 shed 648.87 points or 1.56 per cent to close at 40,855.64 posted on Thursday.

The Nigerian currency, naira also lost 20 kobo from N361 earlier traded before the Easter break.

The currency depreciated marginally against the dollar at the parallel market, exchanging at N361.20 to the dollar.

Market analysts attributed the development to profit taking embarked by some investors as they await the outcome of the ongoing Monetary Policy Committee (MPC) meeting.

NAN reports that major blue chips posted price depreciation and this was led by Dangote Cement having dropped N9 to close at N251 per share.

Consequently, investors bought and sold 365.72 million shares valued at N6.27 billion exchanged in 4,173 deals.

This was in contrast with 272.61 million shares worth N3.72 billion traded in 4,368 deals on Thursday.

The naira also closed at N508 and N444 respectively against the Pound Sterling and the Euro.

At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, Central Bank of Nigeria (CBN) controlled rate, while the Pound Sterling and the Euro closed at N508 and N444 respectively.

The Nigerian currency closed at N361.35 to the dollar at the investors’ window, while it traded at N305.65 at the interbank window.

Traders at the currency market expressed anxiety over the likelihood of a slight change in policy as the CBN Monetary Policy Committee (MPC) holds at the nation’ capital, Abuja.

Meanwhile, the naira had remained very stable at the foreign exchange market as the apex bank had remained committed in boosting liquidity at the FOREX market. (NAN)