LAGOS – Nigerian stocks rose by more than two percent on Monday after the central bank introduced a new policy to allow foreign investors to engage in foreign exchange trading at rates the buyers and sellers set.
The market all share index rose in early trade by 2.37 percent, lifted by Dangote Cement, which accounts for a third of the market capitalisation.
The All Share Index also grew by 557.68 points or 2.21 percent against 93.38 points or 0.37 percent shed previously to close at 25,189.37.
The day’s gains were preceded by increases across major market sub sectors. The market indexes showed all sectors recorded increases except the consumer goods index (-0.04 percent) and the insurance index (-0.15 percent)
Market activity measured by turnover and value traded however closed positive.
The volume of shares traded in 3,054 deals closed higher with a total of 211.8 million shares worth N1.41 billion. This is in contrast to a turnover of 171.61 million shares worth N1.11 billion transacted in 2,846 deals in previous session.
Wapco topped the gainers’ chart with a gain of 10.24 percent to close at N50.71 per share.
Diamond Bank added 5.56 percent to close at 95 kobo and Stanbic garnered 4.98 percent to close at N6.09 per share.
ETI gained 4.93 percent to close at N7.45 and Union Bank increased by 4.84 percent to close at N4.98 per share.
On the other hand, Nascon recorded the highest loss of 4.91 percent to lead the losers chart having closed at N7.36 per share.
It was trailed by Nestle which lost 4.90 percent to close at N713.50 and NPPF Microfinance Bank dropped 4.27 percent to close at N1.12 per share.
Fidson lost 4 percent to close at 96 kobo and Portland Paints depreciated by 3.70 percent to close at N1.82 per share.
Diamond Bank recorded the highest volume of activities for the day, trading 49.98 million shares worth N46.71 million.
Transcorp followed with a total of 34.69 million shares valued at N36.24 million and Fidelity Bank traded 28.47 million shares worth N23.35 million.
Zenith Bank exchanged 26.57 million shares worth N391.43 million, while FCMB Group sold 13.73 million shares valued at N13.73 million.
A central bank circular seen by Naija247news also said all people or businesses, local or foreign, who need dollars to repay loans, pay dividends, repatriate capital or settle trade-related obligations will be eligible for the new trading system.