The Nigerian Stock Exchange (NSE) is currently on a downturn following uncertainties around the currency situation in the Nigerian interbank market.
On Friday, the stock exchange peaked at a 2016-high of N10.04 trillion, following the introduction of the new foreign exchange regime, which saw investors voting fresh N760 billion into the capital market in 48 hours.
On Monday, the NSE opened on a positive note in which the market capitalisation rose to over N10.07 trillion.
Following the uncertainty around the position of the naira, which opened at 253 to the dollar at the start of business on Monday, and fell to 264 in a few hours, stocks began to sink.
The market capitalisation has sunk below the N10 trillion mark to N9.986 trillion as at 12.47pm on Monday, meaning the market had lost over N46 billion in a few hours.
No comments:
Post a Comment