Stock Value Dips by N233billion Over Threat of Removal From Frontier Markets Index

Stock value on the floor of the Nigerian Stock Exchange, NSE, slid by N233 billion at the end of trading on Monday, April 11, due to a threat by the index provider, MSCI, to remove Nigeria from its frontier markets index after the central bank’s introduction of currency controls last year.

The market, which opened with N8.712 trillion, dipped by 2.67 per cent to close at N8.479 trillion at the beginning of the week compared with the 0.16% depreciation recorded previously.

Meanwhile, investors traded 225.286 million shares valued at N750.228 million in 3,058 deals.

At the end, Equity Assurance was the toast of investors with 44,982 million unit of shares accounted for N22,491,000.
Market turnover closed positive as volume moved up by 0.84% against a 15.60% decline recorded in the previous session. Equity Assurance, FCMB and Transcorp were the most active to boost market turnover. NB and Zenith Bank topped market value list.

NIG German topped on the losers chart with 9.7 per cent loss to close at N381 kobo per share.

According to Reuters, MSCI said late on Thursday that it was seeking feedback from investors on the ease of access to the Nigerian stock market, of which about $480 million of MSCI benchmarked money was invested.

The Nigerian stock market, which has the second-biggest weighting behind Kuwait on the MSCI frontier market index, has fallen for two days running after the MSCI announcement.




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