As Positive Sentiment Continues, The Stock Market Gains N43bn

The Nigerian stocks market had a profitable trading session yesterday, expanding the profitable streak to four straight sessions. Investors’ bargain-hunting mentality was seen across all the major industries, highlighted by Insurance and Banking. In a nutshell, the All-Share Index (ASI) grew by 83.27 points, which equates to 0.22% growth. Similarly, the market capitalization total added N43 billion to settle at N20.070 trillion. Prices increased for large and medium-capitalized equities, including Guaranty Trust Bank, Dangote Sugar Refinery, Lafarge, Cutix, and Custodian Investment. Analysts at Afrinvest Limited expect the market to remain buoyant in the run-up to the first half (H1) of […]



Hard Times For Speculators Of Foreign Exchange Markets

Currency speculators who have been aggressively ‘stocking’ the dollar at a premium in anticipation of a near-term rise in the exchange rate in the past week could be exposed to increased risks as the value of the greenback against the naira falls in the coming days. Though the dollar retained a slight advantage over the local currency, market analysts believe the pressure would ease as players reconsider the exchange convergence speculation, which Dr. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), dismissed as a mere “rumour.” Following reports that the removal of the official[…]




Yesterday, the Nigerian Exchange Limited (NGX) extended its losing streak to two sessions as more blue-chip stocks, such as Portland Paints and Products and BUA Cement, declined, resulting in a 0.72 percent drop in the All-Share Index (ASI). The all-share index (ASI) fell by 283.95 points, or 0.72 percent, to close at 39,022.52, while the total market capitalization fell by N148 billion to N20.339 trillion. Price depreciation in large and medium capitalised stocks, such as BUA Cement, Portland Paints & Products Nigeria, SCOA Nigeria, FBN Holdings, and Zenith Bank, drove the market down. “We expect the performance at the local[…]