Nigerian Market News

• Naira exchanges at N376.67kobo with dollar March 19, 2020
  The foreign exchange market opened today with dollar a little changed against the naira, trading at an average rate of N376.67kobo at the Lagos black markets and Bureau De change segment. It traded Wednesday at N376. At the BDC segment, dollar is currently trading at N375. The same amount is also being charged for one […]
• Nigerian stocks at 8-year low as coronavirus cases rise March 19, 2020
  Nigerian stocks fell 2.94% on Thursday to their lowest level in more than eight years as the number of coronavirus cases in Africa’s most populous country rose. Nigeria on Wednesday recorded eight confirmed coronavirus cases. On Thursday Lagos state confirmed four new cases, a local TV station said, quoting the Lagos state health commissioner said. […]
• Stocks to record profit taking on recent gains March 19, 2020
  Though the Nigerian stock market stands the chance of repeating Wednesday’s positive trading pattern in today (Thursday March 19), but the possibility of profit taking on recent gains cannot be overruled when dealing members start to trade stocks this morning. Aided by MTNN shares, Nigeria stocks rebounded by 1.09percent on Wednesday March 18 after record […]
• UK pound sinks to lowest level in 30 years March 18, 2020
  The pound has fallen to its lowest level against the dollar since 1985, as the spread of the coronavirus pandemic spooks investors. It is currently trading at $1.15, a fall of almost 5% in just one day. It comes as financial markets tumbled again after major stimulus plans failed to quell fears about the economic […]
• Nigeria stocks rebound by 1.09% after steep falls March 18, 2020
  `Nigeria stocks rebounded by about 1.09 percent on Wednesday, March 18 after steep falls on Tuesday, aided by MTNN Plc. The stock market had lost huge value the preceding trading day (Tuesday) as persisting oil price war and spreading coronavirus pandemic continued to dampen investors’ appetite for naira assets. At the Nigerian Bourse, investors gained […]
• Naira gains N4 over dollar on black market March 18, 2020
  The foreign exchange market opened on Wednesday with the Naira gaining N4 against the dollar on the black market. Naira is currently exchanging for N376 with the dollar in some parts of black markets in Lagos like Apapa. However, with strong bargaining power, the dollar can be purchased at N375 in some areas like Festac. […]
• Gold offers no haven for investors with Monday’s slide after worst week in 40yrs March 18, 2020
  Gold’s role as a haven or a hedge amid uncertainties was further tested Monday as the price of the bullion continued its descent after its worst week in four decades. On the spot market gold fell by 2.02 percent to $1,499 as at 6:22 pm GMT+1 paring year’s gain to 1.13 percent. Investors are selling […]
• 1-yr OMO bills yields hit 20% after sell-off March 18, 2020
  Average yields on benchmark OMO bills spiked following massive sell-off on 1-yr OMO bills which caused yields on longer-dated bills to reach as high as 20% on Tuesday. Data from FMDQ Group for Tuesday show that yields across benchmark Nigerian OMO bills rose to an average of 16.957% from 14.89%. The rise was fuelled by […]
• Asian stocks defy stimulus, slides for third day in week March 18, 2020
  Sell-offs persisted on the Asian and Pacific stock markets Wednesday as stimulus packages by governments were largely ignored by investors. MSCI’s broad measure of Asian and Pacific stocks excluding Japan was down 6.1% as at 8:40 GMT+1. Australia saw a reversal of yesterday’s gains falling S&P/ASX 200 slid 6.43 per cent as the government warned […]
• Mixed sentiment to trail today’s equity trading on NSE March 18, 2020
  As equity dealers assemble for trading this morning, market watchers expect a mixed trading session on the Nigerian Stock Exchange (NSE) today. With continued sell offs in some counters and position taking in others due to recent declines, the reports that the Senate is mulling naira devaluation will also guide traders in today’s session. Stock […]