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IMF sees improved forex market in Nigeria as reserves hit $33 billion. Naira stabilises at N360, as CBN sells $501m.

Oct 16 2017
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IMF sees improved forex market in Nigeria as reserves hit $33 billion. Naira stabilises at N360, as CBN sells $501m.  Guardian Online 

The nation’s foreign exchange market may have scored a positive outlook, at least in the near term, as the International Monetary Fund (IMF), admitted that there is appreciable progress being recorded.

 

This is coming on the heels of recognition by Forbes Magazine that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, is the winner of “2017 Best of Africa Achievement” award for foreign exchange reforms, which pushed the market to stability against all odds.

 

The IMF Director of African Department, Abebe Aemro Selassie, during the Africa Briefing session at the just concluded International Monetary Fund (IMF)-World Bank Group meetings in Washington DC, said the goal now should be creating a liquid single foreign exchange market going forward.  Read more

 

N13.5bn of shares traded last week – NSE.  Punch Online 

A total turnover of 1.555 billion shares worth N13.504bn in 18,409 deals were traded last week by investors on the floor of the Nigerian Stock Exchange, according to the bourse’s weekly report.

 

This was in contrast to a total of 1.493 billion shares valued at N15.107bn that exchanged hands the penultimate week in 14,549 deals.

 

The financial services industry (measured by volume) led the activity chart with 1.365 billion shares valued at N6.507bn traded in 10,880 deals; thus contributing 87.76 per cent and 48.19 per cent to the total equity turnover volume and value, respectively.  Read more

 

Financial stocks boost NSE’s turnover by 87.8%.  Guardian Online 

The financial services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange (NSE). It led the activity chart with 1.365 billion shares valued at N6.507billion traded in 10,880 deals; thus contributing 87.76 per cent to the total equity turnover volume.

 

Following the financial sector last week was the consumer goods industry with 70.496 million shares worth N5.637billion in 3,398 deals. The conglomerates industry ranked third with a turnover of 58.779 million shares worth N141.929million in 706 deals.

 

Specifically, trading in top three equities namely – Diamond Bank Plc, Zenith International Bank Plc, and Transnational Corporation of Nigeria Plc (measured by volume) accounted for 985.762 million shares worth N2.841billion in 3,401 deals, contributing 63.39 per cent to the total equity turnover volume.  Read more

 

NSE: Foreign investments outperform domestic investments.  Tribune Online 

For the first time, foreign investors outperformed domestic investors in the year 2017 as Foreign Portfolio Investment (FPI) recorded 244.36 per cent increase in August.

 

This was according to the Nigerian Stock Exchange polls conducted on a monthly basis which indicate trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows.

 

Total foreign transactions increased significantly by 244.36 per cent from N60.50 billion recorded in July 2017 to N208.34 billion in August 2017, while total domestic transactions increased by 41.05 per cent from N133.65 billion to N188.52 billion within the same period.  Read more

 

Last changed: Oct 16 2017 at 3:26 PM

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