NSE sheds N163bn in 5 hours under new forex regime
The Nigerian Stock Exchange (NSE) experienced a downturn following uncertainties around the currency situation in the Nigerian interbank market for the first trading day.
On Friday, the stock exchange peaked at a 2016-high of N10.04 trillion, following the introduction of the new foreign exchange regime, which saw investors voting fresh N760 billion into the capital market in 48 hours.
On Monday, the NSE opened on a positive note in which the market capitalisation rose to over N10.07 trillion.
Following the uncertainty around the position of the naira, which opened at 253 to the dollar at the start of business on Monday, and fell to 264 in a few hours, stocks began to sink.
The market capitalisation has sunk below the N10 trillion mark to N9.881 trillion at the close of business on Monday, leading to a market loss of over N163 billion in a five hours (9:30am to 2:30pm).
The market moved from the 2016-high of N10,044,956,175,093 to N9,881,003,636,600 after the first trading day of the new forex regime.
The biggest losers for the day were Nigerian Breweries, Guinness, Dangote Cement and PZ.
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