NSE Record 5 Straight Daily Gain
The Exchange appears to be advancing daily through the pandemic when it seems like several stock markets are in a bearish season. Bloomberg recently ranked the Nigerian Stock Exchange NSE, as the third-best performing index in the world.
The market is getting a large amount of interest from domestic investors, exceeding those of foreign investors by 55.47% or N260.8bn.
In the first eight months of 2020, domestic investors on the NSE completed transactions worth N731bn as against N470.20bn the total of foreign transactions completed during the same period.
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NSE Record Gain
The Central Bank of Nigeria (CBN) in September 2020 induced macroeconomic policy changes such as the cut in Monetary Policy Rate (MPR) by 100 basis points from 12.5% to 11.5%. These were almost presumed to have a negative effect on equities but the reverse is the case.
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However, the trend has been all but negative with the NSE recording five straight daily gain this week. Investors gained N1.083 trillion
More so, the NSE All-Index trade surged beyond 5% threshold from 33,268.36, Wednesday’s trading to 34,959.39 on Thursday to trigger a circuit breaker protocol.
Companies with strong basis appear to be attracting investors as they’re expected to best overcome the onslaught of COVID-19 and be able to distribute dividends to shareholders.
The equities market recorded a 6.23% increase in the ASI to close at 35,342.46 points. This further stretched the market capitalization to N18.47 trillion.
NSE Notice Board
All NSE physical engagements – flagship Closing Gong Ceremony, Facts Behind the Figures series, CEO Engagement Sessions, Training and Workshops – have been transferred to digital events. This will better enhance engagement with capital market stakeholders.
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