NSE index crashes to a record of 0.70%

• naira remains stable at N455/$1 at parallel market

Transactions on the floor of Nigerian Stock Exchange, NSE, yesterday, Monday, November 14, saw the lead indices crashing to a record low of 0.70 percent with the All Share Index (ASI) shedding 184.07 points to close at 25,986.81 points, bringing year to date losses to -9.33 percent.

Market breadth closed with 10 gainers paired against 22 losers as investors’ appetite dampened further. Forte Oil topped the losers’ stocks by 9.74 percent to close at N94.32 per share. Honeywell Flourmills followed closely dropping 5 percent to close at N1.14 per share and Cadbury that lost 4.95 percent to close at N10.57 per share.

Nascon Allied Industries and Oando likewise shed 4.90 and 4.88 percent each to close at N7.18 and N4.09 per share respectively. Conversely, May and Baker led the gainers chart with a 4.71 percent growth to close at 89 kobo per share, followed by Wapic Insurance with a gain of 4.00 percent to close at 52 kobo per share, and Livestock Feeds 2.50 percent growth to close at 82 kobo per share.

Axamansard added 1.63 percent to close at N1.87 per share and Access Bank emerged the top fifth gainer with an appreciation of 1.13 percent to close at N5.36 per share.

MTI was the most traded stock for the day with 33 million shares valued at N16.5 million. UBA followed with 23.3 million shares worth N100.2 million, while Wema Bank traded 10.5 million shares valued at N6.6 million.

Guaranty Trust Bank with the trade of 9.9 million shares worth N214.6 million bagged the fourth position on the activity chart, while Diamond Bank came fifth having sold 9.2 million shares valued N9.3 million.

Meanwhile, the naira has remained stable at the parallel market trading at N455 to the dollar, the same rate at which it exchanged for on Friday, November 11.

The local currency had on Friday scooped N5 at the parallel segment of the foreign exchange market to trade at N455 to the dollar at the weekend, compared with the N460 to the dollar recorded on Thursday, November 10.

The stability in the parallel market came despite last week’s raid on the market. Recall that operatives of the Department of State Service, DSS, and Economic and Financial Crimes Commission, EFCC, had on Thursday, raided the market to arrest of some licensed currency dealers who were said to be selling forex above the prescribed limit.

Despite the shakeup, the currency on Friday through to Monday gained grounds and maintained momentum at the parallel market.