Nigerian Stock Exchange Market records its first weekly gains as Naira appreciates

By: Damian Okonkwo

The Nigerian Stock exchange market has closed the week higher after Naira appreciated last week Friday at the Investors and Exporters (I&E) window after witnessing a two weeks consecutive fall at the black market exchange rate.

The country's foreign reserve further recorded its first gain in two weeks last week's Friday.

The high selling pressure on Naira eased a little over the weekend with the exchange rate between the naira and the US dollar appreciating to N428.12/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. This marks an over 0.26% improvement compared to the rate of N429.2/$1 witnessed in the previous week.

The exchange rate at the black market appreciated over the weekend to N635/$ against the previous record of N710/$ recorded two weeks ago. This marks an over 12% decline at the black market exchange rate within the last two weeks.

The appreciation of the Naira once again, had pushed more capital into the Nigerian Stock exchange market. Despite the crumbling Nigerian economy, investors have remained attracted to the country's stock market due to the promising large population of the country.

According to the data released by the Nigerian Exchange Group. The Nigerian All-Share index (ASI) appreciated by 0.70% in the week just concluded week against the previous 3.10% fall recorded in the previous week. Here the market closed the week with a total market capitalization of N27.36 trillion.

Similarly, the Nigerias external reserves appreciated for the first time in over two weeks after a consecutive two weeks fall.

The following stocks ranked as top gainers in the just concluded week.

· ETERNA rose by +10.03% closing the week at N7.14.

· MULTIVERSE appreciated by +9.96% closing the week at N1.89.

· JAPAULGOLD rose by +9.69% closing the week at N0.35.

· PZ rose by +9.65% closing the week at N10.26.

· JAIZBANK rose by +8.88% closing the week at N0.86.

At present, the Nigerian stock market has started the new week a little promising while holding on to the gains from the previous week.