AGAIN, NIGERIA’S ASIATNEW YEAR HIGH, AMIDST WAIT FOR POSITIVE MSCI INDEX ANNOUNCEMENT
MARKET UPDATE FOR JUNE 5, 2017 The growing demand for equities continued among investors on the floor of the Nigerian Stock Exchange on Monday, sustaining the bullish trend in the process, with more stocks hitting new highs. In the process also, the bourse recorded the highest daily gain in the last four years on a huge volume of trades, with a 4% in trade gain before the composite All Share index closed for the day at 3.85%. The Industrial sector emerged the biggest contributor, chalkinga 6.49% gain to close at 1,974.02. All sectorial indexes for the day closed in the green except the NSE Asem Index which remained unchanged. The rekindling confidence in the market is being driven by a combined effect of improving liquidity in the FX market and the seeming improvement in corporate earnings as revealed during the just concluded season. While the FX liquidity has been greatly enhanced through the import and export window recently created by the Central Bank of Nigeria (CBN) a...