Naira Unchanged In Black Market Today, March 9 As Equities Market Gain N12b

The naira traded at 750 to the dollar on Thursday, March 9, 2023 in the black market remaining unchanged from the value it traded the day before.

The flat trading of the naira today at the Black Market was against the situation in the stock market on Thursday as the market capitalisation closed N12 billion higher on buying interests in some medium and largely capitalised stocks.

The All Share Index (ASI) grew by 21 points or 0.04 per cent to close at N55,822.14 from the N55,801.14 recorded on Wednesday.

Specifically, investors gained N12 billion in value or 0.04 per cent, as market capitalisation went up to N30.409 trillion compared with N30.397 trillion on Wednesday.

The upturn was impacted by gains recorded in stocks like Transcorp, Nigerian Breweries, Royal Exchange, among others.

Market breadth measured by market sentiment was negative as 19 stocks declined, while 12 appreciated.

Transcorp recorded the highest price gain of 8.66 per cent to close at N1.38 per share.

Royal Exchange followed with a gain 5.63 per cent to close at 75k, while Champion rose by 4.6 per cent to close at N5 per share.

Living Trust Mortgage Bank went up by 4.21 per cent to close at N2.97, while Cham appreciated by four per cent to close at 26k per share.

On the other hand, NCR and Conoil led the losers’ chart by 9.93 per cent each to close at N2.63 and N42.20 per share respectively.

Universal Press followed with a decline of nine per cent to close at N1.82 per share.

Prestige Assurance lost 8.89 per cent to close at 41k, while Ardova shed 8.33 per cent to close at N15.95 per share.

The total volume traded improved by 104 per cent to 311.48 million units, valued at N3.09 billion, and exchanged in 3,627 deals.

Transactions in the shares of Transcorp topped the activity chart with 179.84million shares valued at N239.24 billion.

 Guaranty Trust Holding Company (GTCO) followed with 14.4 million shares worth N1.1 billion, while Zenith Bank traded 18.49 million shares valued at N489.37 million.

Stanbic Bank traded 7.95 million shares valued at N317.98 million, while Sterling Bank transacted 6.73 million shares worth N10.1 million.(NAN)

GWG.ng reports that with the zero movement for the naira today on March 9, 2023 in the black market, some would believe that the market could still be taking caution given the political developments in the country.

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