Indices soar by N354b, as investors move to leverage policy reversal gains
Expectations that the announcement by the Central Bank of Nigeria (CBN) to introduce greater flexibility in the inter-bank foreign exchange market structure would spur activities on the equity sector of the Nigerian Stock Exchange (NSE), yesterday pushed market capitalisation by N354 billion.
Specifically, at the close of trading yesterday, market capitalisation increased by N354 billion or 3.6 per cent from N9.352 trillion recorded on Tuesday to N9.706 trillion.
Also, the All-share index rose by 1029.11 points from 27,231.50 to 28,260.61.
The CBN on Tuesday announced plans to adopt a flexible foreign exchange regime and retain a small window for critical transactions for prospective investors.
Analysts said that the introduction of a flexible inter-bank market would boost investors’ confidence and trigger activities in the market, adding that increased investors’ participation both local and foreign would attract the needed liquidity in the stock market.
Yesterday, virtually all the blue-chip companies appreciated in price, as Nestle topped the gainers chart with 20.00 kobo to close at N750.00 per share. Dangote Cement followed with 6.99 kobo to close at N177.00 per share.
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