The Nigerian naira appreciated against the dollar on
Monday as the Nigerian Stock Exchange (NSE)
maintained a bullish run — which has been on for
nearly a month.
NSE gained 417 billion on Monday as the market
capitalisation crossed the N11 trillion mark for the first
time in 2017.
The market, which closed at N10,845,347,307,117.93
on Friday, appreciated to N11,262,526,136,498.84
within the six trading hours of Monday — registering
the best indices for the year.
Banking stocks were the most traded stocks at the
exchange on Monday, with First Bank, FCMB, Fidelity,
Zenith and Skye bank, leading the pack.
Nestle and Dangote Cement stayed strong on the top
gainers, with a share price of N955 and N210
respectively — from N918.76 and N192.93 on Friday.
At the parallel market, the naira also appreciated from
370 per dollar on Friday to about 368 in Lagos, while
the pound and euro traded at N475 and N405
respectively.
Lukman Otunuga, research analyst at FXTM, believes
the bullish trend is as a result of investors confidence
in the Nigerian market.
“The subtle signs of stability remain visible with
Nigeria’s stock exchange edging higher amid the
improving sentiment while the one billion Federal
Government Euro bond on the NSE continues to verify
how confident foreign investors have become with
regards to Nigeria’s future,” he said.
Godwin Emefiele, governor of the Central Bank of
Nigeria (CBN) believes the bank’s foreign exchange
policy has been largely influential in restoring investors
confidence.
TheCable
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