Nigerian Stock Exchange gains N63bn in six hours
The Nigerian Stock Exchange (NSE) gained N63,153,866,496.20 in the six trading hours of Monday.
On Friday, the market lost N6.87 billion within the first 78 minutes of President Muhammadu Buhari’s first public outing in weeks.
When the market opened on Friday, the stock exchange gained N30.66 billion, rallying at N9,075,965,863,135.82 when the news of the president’s first public appearance in weeks, broke.
Within the next 78 minutes from about 2:12pm to 3:30pm, the market lost N6,871,064,372.41 to close at N9,069,094,798,763.41.
On Monday however, the Nigerian bourse, which opened at a market cap of N9.069 trillion gained N63 billion to close at N9,132,248,665,259.58.
Traders at the exchange believe that the surge in market cap and the positive trading recorded, is as a result of investors’ optimism in the country’s path forward.
With Vice-President Yemi Osinbajo at the helm of the nation, the Buhari economic team met in Abuja on Monday to make discuss and make crucial decisions on the economy.
The meeting is said to have fuelled investors appetite in the Nigerian portfolio market.
The major gainers for the day were Nestle, 7UP and Nigerian Breweries.
I pray this would make a difference in the Economy soon.
Na wo oo. Our stock exchange has so much become manipulative that it declines when our beloved President appears on the scene and appreciates when he is on vacation. Corruption is really fighting back tooth and nail stock exchange