Nigeria | - Part 65

Nigeria Stocks Rise Most in World Even as Foreigners Remain Wary

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s stocks rose for a third day to their highest level in almost nine months as locals pounced following the end of the naira’s peg on June 20. Foreign investors may be waiting until the currency weakens further. The Nigerian Stock Exchange All Share index jumped 3.1 percent to 31,071.25 in Lagos, the commercial capital, its highest close since Sept. 30. The benchmark has climbed 8 percent in the past three…

Nigerian Equity Markets | 22 June 2016: Strong Buying Interest Pushes Benchmark Index above 30,000 Points

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LAGOS, Nigeria, Capital Markets in Africa: The bullish run in the Nigerian equities market was extended today as sustained buying interest from investors lifted the All Share Index above the 30,000.00 points mark to an 8-month high. At the close of trade today, the Benchmark index appreciated 2.4% to 30,127.82 points, while YTD returns further advanced to +5.2%. Similarly, investors gained N242.2bn as market capitalisation rose to N10.3tn. Gains recorded in market bellwether stocks, namely…

Nigerian Naira Gains as Central Bank Ensures Dollar Supplies

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira strengthened against the dollar, heading for its first gain since starting to trade without a peg three days ago, as the central bank sought to stabilize the market through the sale of dollars. The naira rose by 1.1 percent to 281.5 per dollar by 1:53 p.m. in Lagos, the commercial capital of Africa’s largest economy, after earlier dropping as much as 0.5 percent. The regulator has intervened in the market by…

Nigeria’s Naira Pulls Back From Record Low as Stocks Advance

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira gained on the second day of trading without a peg after the central bank spent more than $4 billion on Monday to clear pent-up demand for foreign currency. Stocks advanced and dollar-bond yields fell to 10-month lows. The currency of Africa’s biggest economy strengthened 0.7 percent to 280.5 per dollar by 10:44 a.m. in Lagos, the commercial capital, after declining as much as 1.4 percent earlier to a record…

Nigerian Equity Markets | 20 June 2016: Equities Buck Gaining Trend…NSE ASI down 163bps

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LAGOS, Nigeria, Capital Markets in Africa: In a complete reversal of the bullish trend which began after the Press briefing of the CBN Governor – where the guidelines for the operation of the flexible exchange rate were released- the Nigerian Equities market closed in the red today. Despite the increasing expectation of foreign investors’ return to the market, profit taking thrived as investors sold off on stocks that gained significantly in the previous week. As…

Banking | Pan-African lender Ecobank may close some operations

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LOME, Togo, Capital Markets in Africa: Ecobank is reviewing its expansion strategy following a decline in profits and may pull out of some African countries to focus on its most promising markets, chairman Emmanuel Ikazoboh told Reuters. Ecobank is based in Togo and operates in 36 African countries, making it a rare example of a pan-African bank that has developed outside South Africa, home to giants such as Standard Bank and FirstRand. But falling global…

Nigeria’s Naira Plummets in Shift to Free Float After Oil Slump

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira tumbled as the central bank ended a 16-month-long currency fix that caused investors to flee and sent the economy to the brink of a recession. The currency of Africa’s biggest economy fell 24 percent to a record 260.5versus the dollar, from Friday’s rate of 199, before paring the decline to trade 22 percent weaker at 255 by 12:51 p.m. in Lagos, the commercial capital. The naira was quoted at 254…

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