NSE gains N224bn to hit fresh 2016 high
The Nigerian Stock Exchange (NSE) surged noticeably on Tuesday, hitting a fresh 2016 high after the jitters of the first day of the new foreign exchange regime.
On Monday, at the kick off of the new regime, stocks were dwindling on the parallel market, causing the market to shed N163 billion in five trading hours.
The market moved from the 2016-high of N10,044,956,175,093 to N9,881,003,636,600, as investors expressed extreme caution after the naira fell from 253/$1 to 281.
On Tuesday, the naira remained stable at 283, while the market moved to a new record high of N10,105,213,987,682.51, showing a rise of N224 billion from the Monday’s market capitalisation value.
Tuesday’s trading rounds saw 5,736 deals with a volume of 533,317,454, pushing the all share index (ASI) to 29,422.71 from Monday’s 28,769.90 points.
The top gainers responsible for the upward market swing were Nestle Nigeria, Dangote Cement, Guinness Nigeria, Wapco (Lafarge Africa) cement and Total oil.
The movement of the stock exchange in the past week has shown tremendous support for the newly instituted foreign exchange regime.
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