NSE market indices rise by 2.21% amid CBN new forex policy

Activities on the Nigerian Stock Exchange (NSE) rebounded on Monday by 2.21 per cent on the heels of the Central Bank of Nigeria (CBN) new foreign exchange policy.

It was reported that the market capitalisation rose by N193 billion or 2.21 per cent to close at N8.908 trillion against N8.715 trillion achieved on Friday.

Similarly, the All-Share Index which opened at 25,189.37 inched 557.68 points or 2.21 per cent to close at 25,747.05.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the growth to the new policy adopted by the apex bank allowing foreign investors to engage in foreign exchange trading at rates the buyers and sellers set.

Omordion said that the new policy would allow people or businesses, local or foreign, who need dollars to repay loans, pay dividend, repatriate capital or settle trade-related obligations.

An analysis of the gainers’ chart showed that Dangote Cement recorded the highest gain, appreciating by N6 to close at N165 per share.

It was followed by Lafarge Africa with a gain of N4.71 to close at N50.71 and 7UP improved by N4 to close at N93.95 per share.

Nigerian Breweries advanced by N3.39 to close at N123.50, while Stanbic IBTC added N1.02 to close at N21.49 per share.

On the other hand, Nestle recorded the highest loss for the day, declining by N36.80 to close at N713.50 per share.

Okomu Oil trailed with a loss of 90k to close at N46.60 and NASCON shed 38k to close at N7.36 per share.

NAHCO depreciated by 7k to close at N2.45, while Port Land Paint also dropped by 7 k to close at N1.82 per share.

Also, the volume of shares traded increased by 23.39 per cent with an exchange of 211.76 million shares valued at N1.41 billion transacted in 3,054 deals.

It was reported that this was in contrast with a turnover of 171.61 million shares worth N1.11 billion shares exchanged in 2,846 deals on Friday.

Diamond Bank recorded the highest volume of activities for the day, trading 49.98 million shares worth N46.71 million.

Transcorp followed with a total of 34.69 million shares valued at N36.24 million and Fidelity Bank traded 28.47 million shares worth N23.35 million.

Zenith Bank exchanged 26.57 million shares worth N391.43 million, while FCMB Group sold 13.73 million shares valued at N13.73 million.