A combination of factors last week on the Nigerian Stock Exchange (NSE) trading floor have resulted in huge gains recorded by investors as equities added N648 billion to the All Share Index, its opening value.
Market capitalisation appreciated by 6.59 per cent and 6.58 per cent to close the week at 28,902.25 and N9.926 trillion respectively.
A turnover of 2.338 billion shares worth N14.789 billion in 24,942 deals was exchanged this week by investors in contrast to a total of 2.446 billion shares valued at N13.145 billion that exchanged hands last week in 23,680 deals.
The positive activities stated out in anticipation of the Central Bank’s Monetary Policy Committee (MPC) meeting which relaxed the forex policy of the government amidst growing concern of falling capital inflow.
Equity investors responded positively after the recent MPC with the midweek trading recording a fortune of N358 billion with which the market capitalisation appreciated to close at N9.706 trillion as against N69 billion gain it recorded the previous day.
The profit made, which represents a 3.83 growth in total stock value, was considered the highest daily profit made in recent times in the equity market.
Meanwhile, the federal government is working out details for issuing a debut sovereign sukuk this year and may also sell a Eurobond, the director-general, Debt Management Office, Abraham Nwankwo, has said.
“We are definitely going to issue a sukuk this year. We may also likely issue a Eurobond this year. We are working hard to put together the necessary framework,” he told Reuters on the sidelines of a media briefing.