Easter: Despite holiday, I&E FX window gains 12.05%

.Records transactions turnover of $502.7m in two weeks

…as equities market ends weekly trading with 1.47% growth

Despite the declaring Friday as a public holiday for Easter celebration, the Investors’ and Exporters’ (I&E) FX Window recorded an appreciable transactions turnover of $269.09 million for just four days, as against $233.66 million sold in the previous week.

The I&E FX Window at the close of trading activities for the week under review grew by 12.05 per cent, when compared to figure declared the previous, however, lower than $299.16 million recorded the preceding week.

The breakdown of the figure exclusively monitored by the Daily Times showed that the I&E FX window on Monday 6th of April recorded a total turnover of $15.74 million, at a closing rate of N383 to a dollar, against $34.38 million recorded on Monday 30th of March, 2020.

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It, however, grew the following day, Tuesday 7th of April to $30.26 million, but lower than $34.38 million transactions turnover declared the previous Tuesday, however, moved up significantly at the mid-week to $76.18 million, though still fell short of $74.94 million sold on Wednesday 1st of April 2020.

The investors FX window, on Thursday 9th of April, which was the last trading day for the week posted a total turnover of $146.91 million, which was a significant improvement when compared to $10 million turnovers sold the previous week.

Similarly, the equities market of the Nigerian Stock Exchange (NSE) on the last trading day of the week, Thursday, extended a positive stance, closing for the Easter Holiday with a growth of 1.47 per cent.

The Nigerian stock market will reopen on April 14 as the Federal Government has declared April 10 and 13 as public holidays to mark Easter celebrations.

Looking at the closing figures on Thursday, it showed that the All-Share Index appreciated by 310.77 points or 1.47 per cent to close at 21,384.03 compared with 21,073.26 achieved on Wednesday.

Also, the market capitalisation garnered N162 billion or 1.47 per cent to close at N11.144 trillion in contrast with N10.982 trillion on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Nestle Nigeria, Seplat, Stanbic IBTC, Dangote Sugar Refinery and Lafarge Africa.

Commenting, Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the seeming strength returning to the market after two months of decline due to Coronavirus pandemic to the low price of equities.

Mr. Omordion said investors were taken advantage of the prevailing low prices to accumulate fundamentally sound stocks.

Market breadth remained positive with 24 gainers and 12 losers.

Dangote Sugar led the gainers’ chart in percentage terms, increasing by 9.74 per cent to close at N10.70 per share.

United Bank for Africa (UBA) followed with a gain of 9.73 per cent to close at N6.20 per share.

Cadbury and Lasaco Assurance improved by 9.52 per cent each, to close at N6.90 and 23k per share respectively.

Sterling Bank appreciated by 9.45 per cent to close at N1.39 per share.

On the other hand, Omatek Ventures dominated the losers’ chart in percentage terms, dropping by 8.82 per cent to close at 31k per share.

Chams Plc and Unity Bank followed with a decline of 8.70 per cent each, to close at 21k and 42k per share respectively.

Jaiz Bank shed 7.84 per cent to close at 47k, while Skyway Aviation Handling Company depreciated by 7.41 per cent to close at N2 per share.

However, the total volume of shares traded decreased by 9.09 per cent as investors bought and sold 314.91 million shares worth N5.02 billion exchanged in 5,427 deals.

This was against a turnover of 346.41 million shares valued at N5.22 billion achieved in 4,660 on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 56.02 million shares worth N261.55 million.

UBA followed with 37.77 million shares valued at N228.43 million, while Lafarge Africa sold 34.99 million shares worth N444.41 million.

Guaranty Trust Bank accounted for 31.62 million shares valued at N596.09 million, while Zenith Bank transacted 28.28 million shares worth N388.40 million.