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Economy

NGX: Stock Market Inclines By 16.21% In First Quarter

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NGX: Stock Market Inclines By 16.21% In First Quarter

The stock market segment of the Nigerian Exchange Limited (NGX) has seen a 16.21 percent incline in the first quarter of 2021.

Outperforming its fellow African market, with the likes of the Egyptian Exchange, the Johannesburg Stock Exchange, and the Ghana Stock Exchange, NGX had gained N4.46 trillion in its year-to-date (YTD) performance.

The market capitalization of the NGX as of April 29, 2022, is at N26.761 trillion from the N22.297 trillion it closed on the last trading day of 2021.

READ ALSO: Africa’s Richest Man Is Betting $21 Billion on Oil and Fertilizer

The NGX All-Share Index, an indicator used to track the general market movement of all listed equities on NGX, including those listed on the growth board, regardless of capitalization, opened in 2022 at 42,716.44 basis points and closed on April 29, 2022.  at 49,638.94 basis points.

This also represented an increase of 16. 21 percent.

The Nigerian bourse, the NGX, the major indices that drove its performance in the first four months of 2022, were the banking, oil & gas, industrial, and consumer goods companies sectors.

The growth in stock prices was strongly bullish as all the indicators closed in the green between January and April of 2022.

READ ALSO: Africa’s Richest Man Is Betting $21 Billion on Oil and Fertilizer

The NGX Oil & Gas index appreciated the most by 51.99 percent in its YTD growth; the Nigerian Exchange industrial goods index followed with a gain of 8.81 percent, while the Nigerian Exchange Banking Index rose by 7.08 percent YTD.

Capital market analysts attributed the growth of the NGX to a steady increase in global oil price and listed companies’ impressive earnings post-covid-19.

Foreign analysts’ projections of Nigeria’s economy pre-election also played a critical role in foreign investors’ increased participation in fundamental stocks listed on the bourse. According to analysts of the capital market.

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Economy

Dollar To Naira Exchange Rate Today (Wed. Sept. 28, 2022)

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Dollar To Naira Exchange Rate Today (Wed. Sept. 28, 2022)

Dollar to naira, on Wednesday, September 28, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N431.33 per $1 on Monday, September 26.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira last traded between N715 and N722 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

CBN Increases Interest Rate For 3rd Time This Year

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CBN Increases Interest Rate For 3rd Time This Year

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 14 percent to 15.5 percent, the third consecutive increase in 2022.

In July, the apex bank raised the MPR from 13 percent to 14 percent to tame rising inflation.

MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Addressing journalists on Tuesday, September 27, after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said 10 members of the committee voted for the rate hike.

The committee also raised the cash reserve ratio (CRR) to 32.5 percent from 27.5 percent. CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash.

He said the aggressive rate hike would shape the country’s economic growth.

According to him, the committee voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio to a minimum of 32.5 percent.

“It was of the view that with the aggressive policy normalisation of the economies, losing the stance of policy will result in a sharp decrease of exchange rate leading to further hikes that will be afloat,” he said.

Also, it will help consolidate the impact of the last two policy rate hikes which is already reflected in the slowing growth rate of oil supply in the economy. We also understand that an aggressive rate hike will slow capital outflows and likely attract capital inflows and appreciate naira.

We will keep increasing the interest rate to reduce the high effect of inflation.

In August, Nigeria’s annual inflation rate climbed to a 17-year high of 20.52 percent as the high cost of food items continues to affect citizens.

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Economy

Dollar To Naira Exchange Rate Today (Tue. Sept. 27, 2022)

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Dollar To Naira Exchange Rate Today (Tue. Sept. 27, 2022)

Dollar to naira, on Tuesday, September 27, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N431.33 per $1 on Monday, September 26.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira last traded between N715 and N720 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

Continue Reading

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