By Dipo Olowookere
The foreign exchange (FX) crisis in the country took a toll on the Nigerian Exchange (NGX) Limited on Thursday, weakening it by 0.38 per cent at the close of business.
Business Post reports that the news that the exchange rate of the Naira to the Dollar fell to a low of N1,150 in the parallel market during the session triggered panic selling.
Consequently, the value of the nation’s main stock exchange depleted by N140 billion to N36.864 trillion from N37.004 trillion, and the All-Share Index (ASI) shrank by 254.43 points to 67,098.80 points from 67,353.23 points.
It was observed that none of the key sectors of the bourse could finish in the green zone, as banking, insurance and consumer goods counters depreciated by 1.04 per cent, 1.08 per cent, and 0.28 per cent, respectively, while the energy and industrial goods indices closed flat.
Investor sentiment was weak during the trading session after the exchange ended with 25 price losers and 16 price gainers, implying a negative market breadth index.
McNichols closed the session as the heaviest price loser as it went down by 8.82 per cent to 62 Kobo, Omatek declined by 8.70 per cent to 42 Kobo, Stanbic IBTC slipped by 8.49 per cent to N69.55, Champion Breweries tripped by 8.09 per cent to N3.41, and Ikeja Hotel stumbled by 6.98 per cent to N2.93.
On the flip side, Learn Africa was the biggest price gainer after it moved up by 10.00 per cent to N3.30, DAAR Communications appreciated by 9.52 per cent to 23 Kobo, UPDC gained 8.00 per cent to quote at N1.35, Thomas Wyatt grew by 6.80 per cent to N3.30, Sunu Assurances increased by 6.67 per cent to N1.12.
Yesterday, investors traded 291.4 million stocks worth N4.4 billion in 5,348 deals, in contrast to the 397.6 million valued at N4.7 billion in 6,165 deals on Wednesday, indicating a decline in the trading volume, value and the number of deals by 26.70 per cent, 6.38 per cent and 13.25 per cent apiece.
UBA ended the day as the busiest stock with the sale of 56.3 million units for N1.1 billion, Fidelity Bank traded 33.9 million units valued at N282.3 million, Access Holdings exchanged 22.2 million units worth N364.0 million, Transcorp transacted 21.8 million units for N135.3 million, and Ellah Lakes traded 20.2 million units valued at N81.7 million.
