Gains In Bank Stocks Lift Market Upward, Post 0.58% Gain.
The Equity Market closed today, gaining 0.58%, reversing yesterday’s negative sentiment. The upturn was due to sterling performance of shares in the Banking sector. Market breadth closed positive, recording 33 gainers against 16 losers.
In summary, the All Share Index (ASI) grew by 204.85 absolute points, representing an increase of 0.58%, closing at 35,516.21 points. Similarly, the Market Capitalization grew by N74.79 billion, representing an increase of 0.58%, closing at N12.97 trillion.
The Upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; DIAMONDBNK (+7.44%), PZ (+7.28%), HONEYFLOUR (+7.24%), FIDELITYBK (+5.45%), FLOURMILL (+5.08%), TOTAL (+4.97%), DANGSUGAR (+3.33%), ACCESS (+2.76%), UBA (+2.45%), FBNH (+2.11%) and ZENITHBANK (+0.91%).
The Naira at the inter-bank rate closed at N306.15, representing a 0.02% depreciation against yesterday’s closing price.
The Investors and Exporters (I&E) FX window opened at N362.35, traded high at N364.00 and eventually closed at N362.38 representing 0.17% appreciation against yesterday’s closing price. A total of $431.39 million was transacted through the I&E window today.
We expect the FX Market to trade within existing range in the next session.
Overnight (O/N) rate closed at 10.83%, representing a 3.08% depreciation against yesterday’s closing position, while Open Buy-Back (OBB) rate closed at 9.92% representing a 2.92% depreciation against yesterday’s closing position.
We expect the Money Market to trade within existing range in the next session.
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