CBN forex policy inspires confidence as NSE index gains 3.17%

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The All-Share Index of the Nigerian Stock Exchange rose by 3.17 per cent on Thursday following the Central Bank of Nigeria flexible foreign exchange policy framework unveiled on Wednesday.

NSE market capitalisation grew by N295billion, from N9.284 trillion to N9.579 trillionn, while the market’s index reached 27,891.96 basis points from 27,034.05 basis points.

At the close of trading on Thursday, an average of 588.427 million shares, estimated at about N3.477billion were sold in 5,088 deals, with NEM Insurance Company Nigeria Plc, Guaranty Trust Bank Plc, FCMB Group Plc, Skye Bank Plc among the top four equity gainers.

While NEM equities gained by N0.10 (9.52 per cent) from N1.05 to close at N1.15, GTB stocks grew by N1.44 (7.78 per cent) from N18.51 to close at N19.95.

First City Monument Bank added N0.12 (7.69 per cent) to its previous value of N1.56, closing at N1.68, while Skye Bank rose by N0.08 (7.14 per cent) from N1.12 to close at N1.20.

Other gainers included Transcorp PLC, which rose by N0.09 (6.62 per cent) from N1.36 to close at N1.45, while United Bank of Africa Plc, Diamond Bank Plc, FBN Holdings Plc, Zenith Bank Plc, and Oando Plc recorded some improvement.

Equally, Guinness Nigeria Plc, Dangote Cement Plc, Mobil Oil Nigeria Plc, Unity Bank Plc, Dangote Sugar Refinery Plc, Tiger Branded Consumer Goods Plc, Fidelity Bank Plc, Airline Services and Logistics Plc, Nigerian Breweries Plc, May & Baker Nigeria Plc, DN Meyer Nigeria Plc and AIICO Insurance Plc.

However, University Press Plc, Glaxo Smithkline Consumer Nigeria Plc, Neimeth International Pharmaceuticals Plc, Ecobank Transnational Incorporated and Cutix Plc were the top five losers.

While University Press shares dipped by N0.22 (4.99 per cent) from N4.41 to close at N4.19, GSK lost N0.80 (about 4.87 per cent) from N16.44 to close at N15.64.

Similarly, Neimeth Pharmaceuticals share price declined by N0.04 (4.65 per cent) from N0.86 to close at N0.82, while Ecobank slipped from N17.20 to N16.40, after losing N0.80 (4.65 per cent).