Stock Market Records 15-year High Following Emefiele’s suspension

The New Diplomat
Writer
Emefiele Operating Secret $47bn Foreign Reserve Account, 527 Others Without FG’s Knowledge – Report

Ad

The Impact of Artificial Intelligence on the Present and Future of Work, By Sonny Iroche 

By Sonny Iroche Having spent over 35 years in investment banking in Nigeria before venturing into public service and eventually founding my own consulting firm in finance and infrastructure, I have witnessed several industrial and technological revolutions. Yet, none has been as sweeping or as consequential as the ongoing revolution powered by Artificial Intelligence (AI).…

Ese Oruru: The inspiring triumph of a survivor, By Chidi Odinkalu

By Chidi Anselm Odinkalu In April 2020, then governor of Kano State in north-west Nigeria, Abdullahi Umar Ganduje, took time off his expensive preoccupation with denying the ravages of the Corona Virus on his state to preside over the “conversion” to Islam of two adolescent females. Governor Ganduje, who later became the Chairman of the…

Details as National Assembly Committee Okays Additional State For South-East

By Abiola Olawale A joint National Assembly Committee on Constitution Review has approved the creation of an additional state for the South-East geopolitical zone. This decision was reached during a two-day retreat in Lagos State. It was gathered that the development is aimed at moving the South-East region closer to achieving parity with other zones…

Ad

By Yemi Yusuf

The Nigerian stock market reached its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.

According to a report by Bloomberg, investors betting on a currency devaluation sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.

The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.

The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”
Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.

The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.
Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”

Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.

Ad

X whatsapp