NGX: Investors Lose N468.4bn In 3 Days Amid Profit-Taking
Investors trading on the Nigerian Exchange Limited (NGX) witnessed a significant loss in their investments over three days as profit-taking persisted in fundamental stocks. The overall market capitalization closed at N58.948 trillion, reflecting a decline of N468.4 billion or 0.8 percent from N59.416 trillion at the beginning of the week. “The market capitalization dipped by […]
Relief As CBN Clears $7bn Forex Backlog Amid Boosting Economic Stabilization
The Central Bank of Nigeria (CBN) has announced the clearance of all forex backlogs, a significant stride towards economic stabilization. This achievement fulfills a commitment made by CBN Governor, Mr Olayemi Cardoso, to address an inherited backlog of $7bn in claims. Strategic Approach For Forex Backlog CBN’s Acting Director of Corporate Communications, Mrs Sidi Ali, […]
Naira Gains Ground, Hits N1,400/$1 In Parallel Market
In a remarkable turn, parallel market operators are now offering a buy price of N1400/$1 for those willing to sell dollars, signaling a notable strengthening of the Naira. This shift comes as a result of recent market dynamics. Speculator’s Behavior Towards The Naira The exchange rate has seen an upward trend lately, primarily due to […]
NGX Sees Second Consecutive Day of Negative Trading As Investors Lose N62bn
For the second day in a row, the Nigerian Equities Market witnessed a downturn in trading activities, resulting in investors facing losses worth N62.21 billion, according to data from the NGX-All Share Index (ASI). The NGX-All Share Index (ASI) dipped to 104,553.31 from the previous day’s close of 104,663.34, indicating a downward trend in market […]
FX: Naira Depreciates By N1,610/$1 In Parallel Market As Inflation Persists
The Nigerian naira faced a decline in the foreign exchange (FX) market on Monday, hitting N1,610 against the dollar in the parallel market. This marks a 0.63 percent decrease from the N1,600/$ rate recorded just a few days ago on March 15. Operators’ Insight As FX Depreciates Bureau de change operators (BDCs) in Lagos shared […]
NGX: Market Capitalization Loses N239bn As ASI Decline By 0.4%
The NGX commenced the week on a bearish note, witnessing a decline of 0.4% in the All-Share Index. This downturn led to a loss of 421.91 points, closing at 104,663.34 points. Shareholders expressed concerns as the market capitalization dropped to N59.177 trillion from the previous N59.416 trillion, resulting in a cumulative loss of N239 billion. […]
NGX: MTNN, GTCO, JBERGER, Others Top List Of Potential Stocks This Week
Investors are gearing up for another round of trading as the Nigerian Exchange (NGX) prepares to open its doors for the week ahead. With the market already showing signs of bullish momentum, attention is drawn to key players in the trading arena. Market Overview Of NGX Last week saw investors reaping significant gains, with market […]
U.S. Chamber Urges Biden To Secure Release Of Binance Officials Detained In Nigeria
The United States Chamber of Digital Commerce has issued a plea to President Biden, urging him to utilize all available diplomatic avenues to secure the release of two Binance officials currently detained by Nigerian authorities. Describing the detention as a “distressing breach of international law,” the Chamber emphasized the urgent need for diplomatic intervention. Grave […]
Investors Regain Confidence as NGX Gains N390bn
Following a rollercoaster ride in recent trading sessions, the NGX market capitalization witnessed a surge, soaring by N390 billion to reach N54.71 trillion by the session’s close. The notable upswing comes in the wake of a previous day’s downturn, which saw a staggering loss of N700 billion in response to MPC outcomes. Investors, however, seem […]
$26bn Crypto Fraud Allegations: Nigerian Govt Investigates Binance
The Nigerian government has launched an investigation into the operations of Binance, a cryptocurrency exchange company, following allegations of $26bn Crypto Fraud Allegations This move comes after the Nigerian Communications Commission (NCC) blocked online platforms like Binance and others to prevent forex market manipulation and illicit fund movements. NSA Reveals Investigation Of $26bn Crypto Fraud […]