Stock Market Jumps To 15-year High After Emefiele’s Suspension - Investment

Stock Market Jumps To 15-year High After Emefiele’s Suspension - Investment - Nairaland

Nairaland Forum › Nairaland General › Investment › Stock Market Jumps To 15-year High After Emefiele’s Suspension (54088 Views)

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Stock Market Jumps To 15-year High After Emefiele’s Suspension by EcoBrick(op): 5:47pm On Jun 13, 2023

The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.

According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.

The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.

The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”

Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.

The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.

Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”

Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.

https://punchng.com/stock-market-jumps-to-15-year-high-after-emefieles-suspension/

107 Likes 18 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by LeoDeKing: 5:48pm On Jun 13, 2023*

This administration is the perfect time for anyone who knows within himself that he actually has any thing to offer to start cashing out. Tinubu is a seasoned first class accountant and he knows exactly what it takes to boost economy.

But anyone who feels the only thing he has to offer is the endless search for a rotten manhood is free to do so. But one thing for sure, they will search for that manhood till 2031.

After 2031, Shettima, a banker continues from where the great Jagaban stop and if the nitwits searching for manhood still deem it necessary, they are still free.

Oya, let the insult start flowing in. grin

581 Likes 72 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by GOFRONT(m): 5:48pm On Jun 13, 2023*

Hmmm.....Where is Righteousness22??

Tinubu is doing wonders here. Pls tell your Angels with the trumpet to Sheath their trumpet yet.

214 Likes 16 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Inkling(f): 5:48pm On Jun 13, 2023

WHAT I KNOW AND SURE OF IS THAT OVER 70% ( if not more) NIGERIANS SUFFER EMEFIELE CASHLESS POLICY.

MANY EVEN DIED AND THE POLICY FAILED TOTALLY.

290 Likes 17 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by RockHard: 6:19pm On Jun 13, 2023

Is God not wonderful? Hear me out for a sec. The same Bloomberg that was paid to defame Tinubu pre-elections, is the same one now delivering this news being referenced by Punch. cheesy

Infact, they've yanked-off the fake news they were commissioned to report and spread by 'youknowhos' from their twitter handles. cheesy

No man can curse whom God has blessed. Bi iro ba lo f'ogun odun....'

297 Likes 21 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by MrBiGGEST(m): 6:26pm On Jun 13, 2023

💚🤍💚
A better Nigeria is coming -

94 Likes 7 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by lwisee: 6:49pm On Jun 13, 2023

God bless Asiwaju BAT the husband of RAT.
May his days be long
He will fulfill the purpose of becoming our president at this point in time.
He will renew our hope and those that ran to UK will be eager to return.

170 Likes 9 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by RingRoadMafia: 9:57pm On Jun 13, 2023

APC cannot survive without lies and propaganda. This is how they will keep painting and colouring every one of Tinubu's mediocre moves until he leaves office. Mad people.

49 Likes 11 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by N3TRAL: 9:58pm On Jun 13, 2023

Chapel Hill Denham!

The first time I invested in the stock market, it was through the firm.

18 Likes 1 Share

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by fadsam: 9:58pm On Jun 13, 2023

Heart of man(emefiele) is wicked....& SURELY no peace for the wicked

37 Likes 2 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Jakpon: 9:58pm On Jun 13, 2023

In the lead up to the February election, the opposition hired the service of Bloomberg to write critical articles about President Bola Ahmed Tinubu. Today, this same Bloomberg is showering encomium and accolades on Mr President. Dis one na American wonder

120 Likes 13 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Houseofglam7(f): 9:58pm On Jun 13, 2023

🤣😂🤣🤣🤣🤣🤣🤣🤣🤣

1 Like

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by thesicilian: 9:58pm On Jun 13, 2023

Man proposes, but God disposes.
Tinubu has turned out to be just what Nigeria needs at this point in time.

118 Likes 7 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by christejames(m): 9:58pm On Jun 13, 2023

Propaganda doesn't run govt

35 Likes 4 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by sogodihno: 9:59pm On Jun 13, 2023

Jagaban on the sit, prosperity has come grin

christejames:
Propaganda doesn't run govt

Keep crying, your tears is sweet, as e dey pain you, e dey sweet us

125 Likes 10 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by GeneralPula: 9:59pm On Jun 13, 2023

The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

Wow

67 Likes 3 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Bakrabas: 9:59pm On Jun 13, 2023

We'll surely get there by ALLAH

46 Likes 6 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Frank688915: 9:59pm On Jun 13, 2023

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Creditalerts: 9:59pm On Jun 13, 2023

Tinubu is a Saint and shettima na angel grin

8 Likes 1 Share

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by Igwe9(m): 10:00pm On Jun 13, 2023*

artificial jump based on predictions and in anticipation of the devaluation of naira, those that trade forex understand.

12 Likes 4 Shares

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by SangoOlukosoOba(m): 10:00pm On Jun 13, 2023

yolada:
Indeed. Only God knows Where them dey get all These stats. Not up to two weeks, 15 year high

Just Google Nigerian stock market, you will see the charts

52 Likes 1 Share

Re: Stock Market Jumps To 15-year High After Emefiele’s Suspension by RacistProudIgbo: 10:01pm On Jun 13, 2023

What we want to hear is that poverty index has dropped to the lowest in 15 years and electricity is now steady.

Anything less than that is useless to the real Nigerian people.

44 Likes 3 Shares