Business
Stocks hit three-month high on strong earnings, FX moves
Stocks trading on the floor of the Nigerian Stock Exchange hit a three-month high on Tuesday, lifted by company earnings results that outperformed market expectations and hopes that a new currency-trading window will help lure investors back to Africa’s biggest economy, analysts said.
The market all share index rose 0.77 percent to 25,965 points, led higher by banking and oil stocks.
In a client briefing note, Vetiva Capital noted corporate results were better than expected and said it anticipated increased demand for Nigerian stocks this week. Dangote Cement, owned by Africa’s richest man Aliko Dangote, which accounts for a third of the market capitalisation, reported a 34 percent rise in post-tax profit, beating the market consensus.
ALSO SEE: FIRS adopts technology to drive tax collection
In a boost for investors in Nigerian equities, the central bank last week allowed portfolio investors to trade the naira currency at a market-determined exchange rate and increased dollar sales on the interbank market.
After the slump in the global price of oil, Nigeria’s main export, the Central Bank imposed a raft of capital controls to protect its dwindling hard currency reserves.
-
Latest6 days agoPastor Chris Oyakhilome announces mother’s passing at 88 [VIDEO]
-
Latest1 week agoArsenal eye €70-80m move for Real Madrid star
-
Football4 days agoHow David Beckham made $51.1m from 2026 World Cup, surpassing winners’ prize
-
Crime7 days agoPolice arrest suspect, launch manhunt for 2 others over Delta Education Director’s death
-
Latest6 days agoHow adulterated palm oil, coloured pepper are putting consumers at risk
-
Latest1 week agoObi left $155m in Anambra, Otti insists amid debt controversy
-
Crime6 days agoDeaths in NSCDC Custody: Can Nigeria guarantee the safety of detainees?
-
Comments and Issues5 days agoFani-Kayode on Atiku: Separating claims from the record