The Naira, Tuesday, depreciated by 44 kobo at the interbank foreign exchange markets, Vanguard newspaper reports. Data from Financial Market Dealers Association (FMDA) showed that the interbank foreign exchange rate rose to 157.24 kobo per dollar from N156.8 on Monday, indicating 44 kobo depreciation. This was in contrast with the five kobo appreciation of the Naira at the official market on Monday, where the official exchange rate dropped to N155.72 from N155.77 per dollar owing to sharp decline in demand. Meanwhile, the value of equities listed on the Nigerian Stock Exchange maintained an upward trend, yesterday, as investors gained N120.65 billion. Meanwhile, United Bank for Africa (UBA) Plc led in the gainers chart appreciating by 9.83 per cent to close at N6.59 per share from N6.00. This was followed by Sterling Bank Plc that gained 8.64 per cent to close at N2.39 per share while Red Star Express Plc rose by 8.33 per cent to close at N3.25 per share. On the other hand, Cutix Plc recorded the highest share price loss, depreciating by five per cent to close at N1.52 per share from N1.60 per share. This was followed by B.O.C Gases Plc that lost 4.88 per cent to close at N6.24 per share and UTC Nigeria Plc dropped by 4.82 per cent to close at 0.79 per share.
Stock Market: UBA Tops Gainers Chart as Naira Depreciates by 44 Kobo
- Published: 154 days ago on January 16, 2013
- By: onnaedo.okafor
- Last Modified: January 16, 2013 @ 10:11 am
- Filed Under: Headlines, Nigerian News
- Tagged With: B.O.C Gases Plc, Cutix Plc, Financial Market Dealers Association (FMDA), Nigerian Stock Exchange, Red Star Express Plc, Sterling Bank Plc, United Bank for Africa (UBA), UTC Nigeria Plc