Naira crisis: NGX records 1.36% decline

The Nigerian Exchange Limited recorded a 1.36 percent decline last week due to losses by 41 equities amid Naira depreciation woes.
The All-Share Index depreciated by 1.36 percent to 98,233.76 points, and market capitalization shed 1.35 percent to close the week at N55.56 trillion.
PZ Cussons, Mcnichols, and Secure Electronic Technology lost 26.97 percent, 20.18 percent, and 16.95 percent to lead other laggards.
On the other hand, Tantalizers (27.78 percent), FTN Cocoa Processors (20 percent), and Presco (15.31 percent) topped 37 other gainers last week.
Investors traded 2.187 billion shares worth N50.667bn in 45,277 deals, compared to 1.941 billion stocks valued at N32.644bn that exchanged hands in 35,807 deals the previous week.
The financial services industry was the most active in volume, with 1.428 billion shares valued at N28.85bn traded in 24,418 deals, contributing 65.29 percent and 56.94 percent to the total equity turnover volume and value, respectively.
Also, the consumer goods industry came in second, with 385.661 million shares valued at N9.92 billion in 5,826 deals. The conglomerate’s industry came in third with 3,271 deals totaling 133.697 million shares valued at N1.715 billion.
The United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc, which accounted for 46.63 percent and 46.64 percent of the total equity turnover volume and value, respectively, were the top three traded stocks.
Recall that the naira in the last few weeks had recorded depreciation, which stood at N1466.31 per dollar at the official foreign exchange market last Friday.