Naira crisis: NGX records 1.36% decline


The Nigerian Exchange Limited recorded a 1.36 per cent decline last week due to losses by 41 equities amid Naira depreciation woes.

The All-Share Index depreciated by 1.36 per cent to 98,233.76 points, and market capitalisation shed 1.35 per cent to close the week at N55.56 trillion.

PZ Cussons, Mcnichols and Secure Electronic Technology lost 26.97 per cent, 20.18 per cent and 16.95 per cent to lead other laggards.

On the other hand, Tantalizers (27.78 per cent), FTN Cocoa Processors (20 per cent) and Presco (15.31) topped 37 other gainers last week.

Investors traded 2.187 billion shares worth N50.667bn in 45,277 deals compared to 1.941 billion stocks valued at N32.644bn that exchanged hands in 35,807 deals the previous week.

The financial services industry was the most active in volume, with 1.428 billion shares valued at N28.85bn traded in 24,418 deals, contributing 65.29 per cent and 56.94 per cent to the total equity turnover volume and value, respectively.

Also, the consumer goods industry came in second with 385.661 million shares valued at N9.92 billion in 5,826 deals. The conglomerate’s industry came in third place with 3,271 deals totalling 133.697 million shares valued at N1.715 billion.

The United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc, which accounted for 46.63 per cent and 46.64 per cent of the total equity turnover volume and value, respectively, were the top three traded stocks.

Recall that the Naira in the last weeks had recorded depreciation, which stood at N1466.31 per dollar at the official foreign exchange market last Friday

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