Naira improves by 1.39% at spot FX market, investors gain N22bn

By Odunewu Segun

The naira appreciates by 1.39% to the Dollar, on Wednesday, September 14, to close at N306.33 compared to a plunge of 0.86% recorded on Friday, September 9, when the Dollar traded at N310.64 at the interbank market or Spot FX market.

The performance of the Naira to the Dollar at the parallel market also strengthened, as N422 was exchanged for one Dollar compared with N424 it exchanged for on Friday.

The Naira to the Pounds Sterling and Euro maintained similar resilience as the Pounds was exchanged for N545 stronger than N550 it was sold for on Friday while the Euro was exchanged at N467 compared with Friday’s rate of N472.

Similarly, at the Central Bank of Nigeria, CBN, N305.5 was exchanged for one US Dollar compared with N305 it was exchanged for previously.

Meanwhile, investors at the Nigerian Equities Market smiled to the bank with a gain of N22.2billion as market resumed after a two day break from the Muslim festival.

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In all, 15 stocks appreciated, compared with 19 stocks that depreciated. The performance cut the year-to-date decline to 3.49 per cent. Diamond Bank Plc led the price losers with 5.8 per cent, followed by Sterling Bank Plc with 4.9 per cent.

Price gains recorded by Dangote Cement Plc, Stanbic IBTC, Unilever, Lafarge Africa and Flour Mills of Nigeria Plc among others, helped the market close northwards.

However, Conoil Plc led the overall price gainers’ chart as investors continued to react to the impressive 2015 full year results of the petroleum products marketing firm.

The stock appreciated by 10.1 per cent to close at N26.21 per share, trailed by Unilever Nigeria Plc with 4.9 per cent. Conoil Plc posted a growth of over 176 per cent in profit after tax to N2.308 billion for 2015, up from N834 million in 2014. Based on the improved bottom-line, the directors recommended a dividend of 300 kobo per share, up from 100 kobo in 2014.