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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Naira

Black Market Dollar to Naira Exchange Rate Today 20th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 20th, 2024 stood at 1 USD to ₦1,530.

Published

4 hours ago

May 20, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 20th, 2024 stood at 1 USD to ₦1,530.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,540 and sold it at ₦1,530 on Friday, May 17th, 2024.

This indicates a slight improvement in the Naira exchange rate when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,530
Selling Rate: ₦1,520

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar to Naira Exchange Rate Today 17th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Published

3 days ago

May 17, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,560 and sold it at ₦1,550 on Thursday, May 16th, 2024.

This indicates a slight improvement in the Naira exchange rate when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,540
Selling Rate: ₦1,530

Forex

SEC and ABCON Explore Collaboration for ‘Kolectyomoni’ Digital Currency Platform

Published

3 days ago

May 17, 2024

Samed Olukoya

The Association of Bureaux De Change Operators of Nigeria (ABCON) has initiated talks with the Securities and Exchange Commission (SEC) to explore collaboration on its upcoming digital currency market platform, ‘Kolectyomoni’.

This move was underscored during an official visit by ABCON representatives to the newly appointed Director General of the SEC, Dr. Timi Agama. Aminu Gwadabe, President of ABCON, conveyed the association’s eagerness to engage with SEC to ensure the smooth operation of its digital currency platform.

Gwadabe emphasized that ABCON recognizes the regulatory oversight of SEC in the financial sector and seeks its guidance to navigate the complexities of the digital currency market.

He pointed out that while digital currencies hold immense potential for financial inclusion and innovation, they also present regulatory challenges that require collaborative efforts between industry stakeholders and regulatory bodies.

Highlighting the significance of embracing digital currencies, Gwadabe noted, “The future of BDC’s business is digital currency.”

He stressed the growing adoption of digital currencies among Nigerians, citing statistics that reveal a rising number of participants in the digital currency ecosystem, with a substantial market size of $9 billion annually.

In response, Dr. Timi Agama expressed SEC’s openness to support and facilitate the growth of the digital currency sector in Nigeria.

He acknowledged ABCON’s initiative in launching the ‘Kolectyomoni’ platform and assured of SEC’s cooperation in providing regulatory guidance and oversight.

Agama reaffirmed SEC’s commitment to fostering innovation in the financial sector while ensuring investor protection and market integrity.

He underscored the importance of collaboration between regulators and industry players to develop robust frameworks that foster innovation and safeguard against potential risks.

Furthermore, Agama encouraged ABCON to finalize the development of the ‘Kolectyomoni’ digital currency platform and submit it to the SEC for thorough review and assessment by the technical team.

He emphasized the need for timely regulatory oversight to address emerging trends in the digital currency market and maintain regulatory compliance.