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Home Business & Finance

FX Spot Rate Stability Boosts Financial Stock Performance on NGX

Nnaemeka OkwarabyNnaemeka Okwara
August 19, 2024
in Business & Finance
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FX Spot Rate Stability Boosts Financial Stock Performance on NGX
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The Financial services industry is the leading performer in the equities sector of the Nigerian Stock Exchange (NGX), having accounted for a whopping 67.8% of total turnover volume last week. It came first on the activity chart with 1.4 billion shares worth N25.7 billion in 20,132 transactions.

The oil and gas industry was close behind, with 276.7 million units valuing N6 billion in 6,848 transactions. Third place went to the consumer goods sector which had an amount of 101.2 million shares valued at N682 million over 2,475 deals.

The top three traded equities – GTB Holdings Company Plc, Veritas Kapital Assurance Plc and Japaul Gold & Ventures Plc were responsible for 674.2 million shares worth N16.055 billion through 3,977 trades constituting 33.2% contribution towards the total equity turnover.

The NGX All-Share Index increased by 29.86% year-to-date to reach 97,100.31 points while 43,511 deals involving a total sale of 2.072 billion stocks were valued at N55.1 trillion

Making investments in financial stocks can be attributed to recent stability in foreign exchange rates; there has been steady increase in FX spot rates which has resulted into more people trusting this area of the economy again. As such as market dynamics are evolving, it is advisable that investors keep themselves informed and make data-driven decisions.

Tags: federal characterFinanceFXFX Spot Rate Stability Boosts Financial Stock Performance on NGXNGXStock
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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