Naira loses 2.3% at I&E, as stock market turnover hits N24 billion

Naira depreciated by 2.3 per cent to N759.20 at the Investors’ and Exporters’ window, with total turnover at the window increasing by 79.1 per cent WTD to $629.37 million, as trades were consummated within the N700 –N846/$ band. Last Friday, naira depreciated by 0.75 per…Naira depreciated by 2.3 per cent to N759.20 at the Investors’ and Exporters’ window, with total turnover at the window increasing by 79.1 per cent WTD to $629.37 million, as trades were consummated within the N700 –N846/$ band.

According to them, importers will return to the parallel market to fulfill their FX obligations when the market realises that FX supply is still minimal at the official market. The financial services industry led the activity chart with 929.6 million shares valued at N12.9 billion traded in 13,626 deals; thus contributing 63.3 per cent to the total equity turnover volume. The healthcare industry followed with 171.2 million units worth N334.7 million in 452 deals. The third place was the oil and gas industry, with a turnover of 90.2 million shares worth N5 billion in 2,769 deals.

On the price movement chart, investors’ appetite in BUA Cement and Dangote Sugar Refinery buoyed transactions in the equities market last week, causing the All-Share Index and market capitalisation to appreciate by 1.1 per cent to close the week at 67,200.69 and N36.92 trillion respectively. According to him, there is increased optimism that with the lifting of restrictions on the 43 items, the government would do the needful, especially in tackling the problems associated with FX by clearing the entire backlog within the shortest period.

Projections for growth in global merchandise trade in 2023 have been scaled back by economists amid a continued slump that began in the fourth quarter of 2022, according to the latest World Trade Organisation trade forecast released recently. According to them, the volume of world merchandise trade is now expected to grow by 0.

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