• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 13, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Stock Buyers Cautious On FX Concerns, Lose N126bn

by Leadership News..
2 years ago
in Business
Stock
Share on WhatsAppShare on FacebookShare on XTelegram

Investors at the Nigerian stock market continued to tread cautiously by taking further sell positions on Tuesday as weaker naira pains.

Advertisement

The sell-side pressure seen at the Nigerian stock market fuelled the record decrease by 0.34 per cent or N126 billion. Ahead of the Nigerian senate screening of Olayemi Cardoso, the new Central Bank of Nigeria (CBN), data from AbokiFX, an online platform that tracks the exchange rate on the parallel market showed that one dollar traded at N1,000.

Stock investors remain cautious over the nation’s macro-economic outlook especially foreign exchange (FX), as this directly impacts foreign investments in the market, said Lagos-based Vetiva research analysts.

“With half-year (H1) 2023 results now out of the way, we expect to see a slightly bearish undertone in the banking sector, as profit taking activities persist, while general market sentiments remain mixed,” Vetiva analysts had noted on Monday.

This week, the stock market has dropped by one per cent, while its return year-to-date (YtD) lowered to +30.05 per cent on Tuesday.

RELATED

Stock Market Momentum Persists, Gains N467bn

Stock Market Records N3.46trn Weekly Gain, Highest Surge This Year

3 hours ago
Operators Seek Immediate PIA Review To Boost Investment Opportunities

Operators Seek Immediate PIA Review To Boost Investment Opportunities

3 hours ago

Stocks like Conoil, Oando, Berger Paints were on offer. Conoil dropped most from day-open high of N89.10 to N80.20, losing N8.90 or 9.99percent. Oando was also down, from a high of N10.70 to N9.65, losing N1.05 or 9.81 per cent.

Berger Paints went down from N12.75 to N11.65, losing N1.10 or 8.63 per cent. FTN Cocoa made the league of top laggards after dropping from N1.91 to N1.72, losing 19 kobo or 9.95 per cent, while the share price of Lasaco, another major laggard dropped from N2.02 to N1.85, shedding 17 kobo or 8.42 per cent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further on Tuesday from preceding day’s 66,882.64 points and N36.605 trillion respectively to 66,652.17 points and N36.479 trillion.

At the close of trading, the stock investors in 7,018 deals exchanged 363,989,562 shares valued at N4.529 billion.

The market has since last week gotten some level of bearish sentiments as the NGX All-Share Index closed lower by 0.11percent to settle at 67,324.59 points.

“As we advised last week, we rebalanced our portfolio in line with our weighting strategy, mirroring the changes in the NGX-ASI weight constituents… In addition, we also adjusted the weighting strategy for our notional positions in some tickers, given our perception of the market. This adjustment implied selling off some units (considering market liquidity) using the respective close prices on Monday September 18, 2023,” according to CardinalStone research analysts in their Model Equity Portfolio released on September 25.

“We are now neutral in our overall bank exposure but will make further adjustments this week to bring our weights in line with the sub-index of banks, as much as possible, and bring our overall position to a small underweight,” said Coronation research analysts in their Model Equity Portfolio released on September 25.

They noted that last week that made notional purchases of Seplat Energy as part of their effort to create a double overweight in the stock, prompted to do this by recent gains in oil prices.

“Liquidity was insufficient to get the job done (we respect actual market liquidity even though this is a notional portfolio) and so we will continue to make such notional purchases this week. We plan no other changes this week,” the analysts added.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



SendShareTweetShare
Previous Post

Low Purchasing Power: Manufacturers Lament N272bn Unsold Goods In Q1

Next Post

Cabotage Act: Reps To Probe $100bn Loss From Poor Implementation

Leadership News..

Leadership News..

You May Like

Stock Market Momentum Persists, Gains N467bn
Business

Stock Market Records N3.46trn Weekly Gain, Highest Surge This Year

2025/07/13
Operators Seek Immediate PIA Review To Boost Investment Opportunities
Business

Operators Seek Immediate PIA Review To Boost Investment Opportunities

2025/07/13
Customs Intercepts 25 Containers Of Fake, Illicit Drugs From India
Business

Customs Intercepts 25 Containers Of Fake, Illicit Drugs From India

2025/07/13
Firm Gets $250,000 Funding to Boost Energy Access
Business

Firm Gets $250,000 Funding to Boost Energy Access

2025/07/13
FIRS, AFRITAC West 2 Deepen Collaboration On Taxpayer Services, Digital Reforms
Business

FIRS, AFRITAC West 2 Deepen Collaboration On Taxpayer Services, Digital Reforms

2025/07/13
ACAMB Urges Adoption Of Ethical AI In Banking Sector
Business

ACAMB Urges Adoption Of Ethical AI In Banking Sector

2025/07/13
Leadership Conference advertisement

LATEST

Team Nigeria Unveils Official Squad for 3rd African U18/U20 Athletics Championship

Nigeria Dominates ValueJet Lagos World Para Table Tennis Future 2025

Ikorodu City To Face Shooting Stars In Eko Int’l Cup Opener

WAFCON: Falcons Get $200k For Q/Final Qualification

FIBA U-19 Women’s World Cup: Olopade Applauds Junior D’Tigress for Historic Victory Over China

Mission X: Super Falcons To Use Algeria As Shooting Practice

Titanic Battle Looms As Chelsea Clash With PSG In Club World Cup Final

Al-Hilal Rival Galatasaray With New Osimhen Bid

Tennis: Swiatek Defeat Anisimova To Win Maiden Wimbledon Title

Tennis: Sinner, Alcaraz Face Off In Wimbledon Final Rematch Today

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.