Economy and Business

Nigerian Equities trend up by 0.24% as Naira weakens on IE Fx Window

On Wednesday, Nigerian stocks edged up slightly, with the All Share Index increasing by 0.24% to close at 99,284.38 points. Despite this gain, market activity was relatively subdued, characterized by a negative market breadth where the number of declining stocks outpaced the advancers (24 losers versus 18 gainers).

The market capitalization of listed equities climbed to N56.164 trillion, reflecting a degree of investor confidence even though the trading volume was lower, with 308.136 million units traded valued at N4.86 billion.

The NGX 30 Index, which measures the performance of the 30 largest companies on the exchange, also saw a slight rise of 0.25%, aligning with the broader market trend. Notable gainers on this index included Stanbic IBTC and Fidelity Bank, while Transcorp and FCMB were among the top decliners.

In other news, the Nigerian Electricity Regulatory Commission (NERC) has issued warnings of stricter penalties for electricity theft.

Overnight lending rates, including the Overnight (O/N) and Open Repo (OPR) rates, rose by approximately 1.7% from the previous day, indicating tighter liquidity conditions within Nigeria’s financial system.

On the foreign exchange front, the Naira weakened against the US dollar, with the dollar quoted at N1,488.60, compared to N1,476.95 on Tuesday, marking a slight depreciation.

The FMDQ Exchange, which facilitates the trading of fixed income and currency derivatives, reported several positive developments. The exchange approved the listing of commercial papers issued by Veritasi Homes and Properties PLC and Fidson Healthcare PLC. Furthermore, Asiko Power Limited received approval for its N2.50 billion commercial paper issuance program on the FMDQ platform.

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