Sterling performance by Nigerian financial market post elections signal return of Oga Stability.   


25 February 2019 : The Nigerian financial market, i.e the stocks, bonds and forex posted an outstanding performance on Monday after the Presidential and National Assembly elections weer concluded. This breath of positivity in the market signals the fact that the dark clouds of political instability has lifted.



These Elections have kept the investors at the edge of their seats, with the Equities on a roller coaster ride from the past couple of months. Today the market closed with the Bulls dragging the Bears through the desert. The NSEASI rose by 0.57% to close at 37,700.12 basis points, as the investors await the results of the elections.


The Naira posted gains at the official I&E windows. Moreover, on the Bonds front, the longer-dated bonds rose on 2028 issue, while yields on 10-year paper fell to 14.5% on Monday from a previous close of 14.68%.



In an interview with Reuters, Samir Gadio, head of Africa strategy at Standard Chartered Bank said that “The market opened on a constructive note.. as evidenced by a receiving bias in USD/NGN forwards, supportive local bond performance and moderate gains in Eurobonds.

“The risk-on global backdrop, higher oil prices and prospects of larger portfolio inflows after the election are probably driving this positive market performance.”


Quick snapshot of the markets:



1) The Foreign Exchange Market


Nigeria Naira closed flat at the parallel, official and Investors and Exporters' windows on Monday.

In the parallel market, the local currency closed flat at N360 to the dollar and jumped up by 0.01% to close at N361.54  at the I&E FX market with a market turnover of $165.32 million.

At the CBN official market, it also appreciated by 0.02% to close at N306.85 to the dollar.

Traders said no major trades occurred on the forex market on Monday as investors await the result of the vote.

The naira firmed to N396 per dollar, up from N401 posted a week ago at the forward market.


2) The Nigerian Stock Market

Bulls presided over the market today with the ASI gaining 0.43% to close at 32,655 basis points.

Dangote Flour( DANGFLOUR) led 25 gainers as against 8 losers at the end of the today's session on an improved performance when compared to Friday outlook.


3) Bond market

Local bonds rose on 2028 issue on Monday. Yields on 10-year paper fell to 14.5% from a previous close of 14.68%.


Reporting for EasyKobo on Monday ,25 Feb 2019 in Lagos, Nigeria

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