Nigerian Exchange (NGX) Experiences Positive Close as Central Banks Give Green Light for Forex Sales
In a notable turn of events, the Nigerian Exchange (NGX) closed on a positive note at the end of today’s trading session. This comes after the central banks granted commercial banks and dealers in the forex market the authority to freely sell forex.
The All-Share Index (ASI) saw a significant boost, trading 3.99% higher to close at 59,985.10 index points, surpassing the 58,163.55 index points recorded in the previous day’s trading session. This surge in the ASI contributed to the market capitalization of equities, which appreciated by a staggering N992 billion, reaching N32.662 trillion. This marks a 3.13% gain compared to the N31.670 trillion recorded in the previous trading session.
Market breadth closed on a positive note, with International Breweries taking the lead as the top gainer with a 10.00% increase. However, it was Pharm Deko that led the losers, showing a decrease of -9.65%, while UBA Plc emerged as the most traded equity by volume at the end of today’s session.
Today’s trading session showcased several notable gainers among the stocks listed on the NGX. Some of the top gainers include INTBREW, STERLING, TRANSCOHOT, DANGSUGAR, and FBNH, all of which saw a substantial increase of 10.00% in their share price.
The positive closure of the NGX today can be attributed to the recent decision by central banks to permit commercial banks and forex market dealers to freely sell forex. This move has injected renewed confidence into the market, resulting in a surge in the All-Share Index and market capitalization. With International Breweries leading the gainers and UBA Plc dominating the trading volume, it is clear that investors are taking advantage of the current market conditions.
Overall, the Nigerian Exchange continues to show resilience amid ongoing economic challenges. The positive close today reflects the potential for growth and stability in the country’s financial markets. Investors and stakeholders are likely to closely monitor the impact of the central bank’s decision on future trading sessions and the overall performance of the NGX.
