Forex

Stock Market Ends Losing Streak, Posts Slight Gains

Published

5 years ago

January 12, 2019

Key Speakers at the US-Africa Business Forum

Stock Market Ends Losing Streak, Posts Slight Gains

The nation’s stock market closed on a positive note on Thursday for the first time this year as it posted slight gains at the end of trading.

The All-Share Index rose by 0.62 per cent to close at 29,517.80 basis points.

The market capitalisation of equities listed on the Nigerian Stock Exchange increased from N10.940tn on Wednesday to N11.007tn on Thursday, while the year-to-date return settled at -6.1 per cent.

Activity level strengthened as a total number of 385.292 million shares valued at N3.068bn exchanged hands in 3,667 deals, representing a 64.1 per cent and 36.6 per cent increase in volume and value traded.

Analysts at Afrinvest Securities Limited said the market’s performance on Thursday was buoyed by gains in Guaranty Trust Bank Plc, Dangote Cement Plc and Zenith Bank Plc.

The top traded stocks by volume were Custodian Investment Plc (120.3 million units), Access Bank Plc (60.5 million units) and FBN Holdings Plc (48.9 million units), while the top traded stocks by value were Custodian Investment (N697.6m), Zenith Bank (N515.5m) and FBN Holdings (N347.2bn).

Performance across sectors was mixed as three of five indices closed in the green.

The banking index recorded the highest gain, advancing by 2.7 per cent on the back of price appreciation in Zenith Bank and Diamond Bank Plc.

Similarly, the industrial goods index appreciated by 2.24 per cent as a result of the gains recorded by Dangote Cement, Lafarge Africa Plc and Cement Company of Northern Nigeria Plc.

The oil and gas index posted a gain of 0.1 per cent on the back of price appreciation in Forte Oil Plc and Eterna Plc.

On the flip side, the insurance index depreciated by 2.05 per cent as major losses in NEM Insurance Plc, Linkage Assurance Plc and Mutual Benefits Assurance Plc dragged it lower.

The consumer goods index dipped by 1.75 per cent, dragged by losses recorded by Nestlé Nigeria Plc and Guinness Nigeria Plc.

Investor sentiment, as measured by market breadth, strengthened to 1.4x from 0.7x on Wednesday as 21 stocks advanced against 15 that declined.

The best-performing stocks were Law Union and Rock Insurance Plc, Julius Berger Nigeria Plc, Eterna Plc, GTB and Transnational Corporation of Nigeria Plc, whose share prices saw respective gains of 10 per cent, 9.86 per cent, 8.86 per cent, 6.07 per cent and 5.93 per cent.

The worst-performing stocks were Guinness Nigeria Plc, NEM Insurance, UPDC Real Estate Investment Trust, Resort Savings and Loans Plc and Linkage Assurance, which saw their respective share prices decline by 10 per cent, 9.95 per cent, 9.85 per cent, 9.76 per cent and 9.72 per cent.

Analysts at Afrinvest said bearish sentiment still clouded the market largely due to polity risks.

“We envision profitable opportunities in short-term trading on bellwethers as they have been the dominant influences of market performance in recent times,” they added.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Forex

Yen Hits 34-Year Low Against Dollar Despite Bank of Japan’s Inaction

Published

2 days ago

April 26, 2024

Samed Olukoya

The Japanese yen plummeted to a 34-year low against the US dollar, sending shockwaves through global financial markets.

Despite mounting pressure and speculation, the Bank of Japan (BOJ) chose to maintain its key interest rate.

The yen’s relentless slide, extending to 0.7% to 156.66 against the dollar, underscores deep concerns about Japan’s economic stability and the efficacy of its monetary policies.

BOJ Governor Kazuo Ueda’s remarks at a post-meeting news conference did little to assuage fears as he acknowledged the impact of foreign exchange dynamics on inflation but downplayed the yen’s influence on underlying prices.

Investors, already on edge due to the yen’s dismal performance this year, are now bracing for further volatility amid speculation of imminent intervention by Japanese authorities.

The absence of decisive action from the BOJ has heightened uncertainty, with concerns looming over the potential repercussions of a prolonged yen depreciation.

The implications of the yen’s decline extend far beyond Japan’s borders, reverberating across global markets. The currency’s status as the worst-performing among major currencies in the Group of Ten (G-10) underscores its significance in the international financial landscape.

Policymakers have issued repeated warnings against excessive depreciation, signaling a commitment to intervene if necessary to safeguard economic stability.

Finance Minister Shunichi Suzuki reiterated the government’s readiness to respond to foreign exchange fluctuations, emphasizing the need for vigilance in the face of market volatility.

However, the lack of concrete action from Japanese authorities has left investors grappling with uncertainty, unsure of the yen’s trajectory in the days to come.

Market analysts warn of the potential for further downside risk, particularly in light of upcoming economic data releases and the prospect of thin trading volumes due to public holidays in Japan.

The absence of coordinated intervention efforts and a clear policy stance only exacerbates concerns, fueling speculation about the yen’s future trajectory.

The yen’s current predicament evokes memories of past episodes of currency turmoil, prompting comparisons to Japan’s intervention in 2022 when the currency experienced a similar downward spiral.

The prospect of history repeating itself looms large, as market participants weigh the possibility of intervention against the backdrop of an increasingly volatile global economy.

As Japan grapples with the yen’s precipitous decline, the stakes have never been higher for policymakers tasked with restoring stability to the currency markets. With the world watching closely, the fate of the yen hangs in the balance, poised between intervention and inertia in the face of unprecedented challenges.

Naira

Dollar to Naira Black Market Today, April 25th, 2024

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 25, 2024

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

As of April 25th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,300 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,260 and sell it at N1,250 on Wednesday, April 24th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,300
Selling Rate: N1,290

Naira

Dollar to Naira Black Market Today, April 24th, 2024

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

April 24, 2024

Samed Olukoya

As of April 24th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,260 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,250 and sell it at N1,240 on Tuesday, April 23rd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.