MARKET UPDATE FOR MAY 11, 2017
NSE INDEX SOARS TO 6.16%, NOW AMONG AFRICA’S BEST ON ROI The bull rampage on the floor of the Nigeria stock Exchange continued on Thursday as stock prices moved higher again on increased demand with the number of retail, institutional and foreign investors participating in the market increased due to efforts by the Central Bank of Nigeria (CBN) to sustain the supply-side of the FX market that has improved liquidity. The day started out with a big gap up, the indexes increased sharply with double top near the session highs around the early hours of trading before profit taking in some stocks slowed down the day gain.The seemingly rekindled confidence and improved liquidity in the market arena are expected to support the recovery as foreign investors participation is looking up. The 2017 Appropriation Bill tagged“budget of recovery” was passed into law on Thursday waiting for Presidential assent and expected to make the most impact on the lives of Nigerians...