The Nigerian currency (Naira) fell by 0.08 percent to close the day at N310.08 to the Dollar compared to a 0.84 percent decline recorded yesterday when N309.83 was exchanged for one $US, at the spot FX market.
The Naira also weakened to N428/$US at the parallel market from N424 it sold for yesterday, it remained stable to the Pound Sterling and Euro to sell at N555 and N470 for the third consecutive day.
The CBN also reports that the Interbank Rate in Nigeria has averaged 14.03 percent from 2007 until 2016, reaching an all-time high of 38.96 percent in September of 2013 and a record low of 2.42 percent in March of 2016. Nigeria Three Month Interbank Rate (Nibor) was quoted at 17.75 percent on Tuesday September 20.
The interbank rate is the rate of interest charged on short-term loans made between banks in the local currency.
Meanwhile the Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 0.02 percent to close at 28,214.57 points today compared to a gain of 1.33 percent or 370 basis points recorded on Tuesday to close at 28,209.93 points.
Investors on the Nigerian equities market likewise recorded a growth of N1.6 billion as the market capitalisation settled at N9.691 trillion.
The performance of the market was consequent on bargain hunting in Conoil Plc that rose by 10.11 percent or N3.91 to settle at N42.60 per share, MRS Oil Plc also increased by 3.69 percent or N1.42 to close at N39.90 per share, Total Nigeria Plc grew by 0.37 percent or one naira to close at N270 per share, Cadbury Plc appreciated 3.87 percent 55 kobo to close at N14.75 per share and a 2.80 percent or 45 kobo increase in share price of Stanbic IBTC Plc which closed at N16.50 per share.
As a result, the day’s performance reduced the Year to Date (YtD) losses to -1.49 percent while Week to Date (WtD) returns appreciated to 2.07 percent.
Meanwhile, trading activities showed investors’ sentiment remained positive as market breadth closed with 22 gainers to 13 losers.
Conoil Plc remained the toast of investors as it proceeded to top the day’s 22 advancing stocks for the seventh consecutive trading session with a gain of 10.11 percent or N3.91 to close at N42.60 per share. PZ Plc followed with a growth of 4.98 percent or 90 kobo to close at N18.97 per share and Oando Plc appreciated 4.87 percent or 26 kobo to close at N5.60 per share.
Conversely, Neimeth Pharmaceuticals Plc led the day’s 13 declining stocks with a loss of 9.26 percent or 10 kobo to close at 98 kobo per share, Guinness Nigeria Plc lost 7 percent or N7 to close at N93 per share, and E-tranzact Plc depreciated 5.00 percent or 30 kobo to close at N5.70 per share.
Market activity as measured by Volume and Value traded, settled at 3.1 billion units and N6.2 billion respectively in contrast to 231.5 million units and N2.5 billion traded previously.
The top three traded stocks were: Great Nigeria Insurance (GNI) Plc with the sale of 2.9 billion shares worth N3.2 billion. Zenith Bank Plc came second trading 51.2 million units of shares amounting to N7522.7 million while UBA Plc exchanged 23.6 million shares worth N101.3 million.
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