30 January 2018

Nigeria: Stocks Gain N191 Billion As New Rule Takes Effect

Lagos — The equity market opened the week on a positive note as the bargain hunters drove the market higher with capitalization adding N191 billion to close at N15,882 trillion, compared with the appreciation of 0.56% recorded last Friday following the take-off of the New Par Value Rule .

The Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 1.22% to close at 44,306.48 points

The appreciation recorded in the share prices of Dangote Cement, Transcorp, FBN Holdings, UBA and Stanbic IBTC were mainly responsible for the gain recorded in the Index

The three most actively traded stocks were FCMB Group (169.11mn), Access Bank (42.53mn) and UBA (39.51mn).

The NSE amended par value and pricing methodology rules which can be found in Rules 15.29 and 15.30 respectively of the Rulebook of The Exchange, 2015 and approved by the Securities and Exchange Commission (SEC) became effective.

Traders in the market are required to ensure that as from today, all open and subsequent priced orders in equity securities comply with the amended requirements for each price Group of equities.

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