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Nigerian Stock (NGSEINDX) Gained 0.17 percent



Nigeria MTN

Nigerian Stock Exchange All Share Index (NGSEINDX) gained 0.17 percent to peak at 30,410.39, its highest value in a month. This marked 6 consecutive days the index has gained after JPMorgan announced Nigerian bond would be delisted from Emerging Markets Bond Index this month. All other emerging markets rose on expectations that the U.S FED, Janet Yellen would make a decision to raise interest rates this Thursday.

In Africa, South Africa FTSE/JSE Africa TOP40 rose the most, gaining 1.21 percent at 11:00:29 a.m. today to 46,137.53. FTSE/JSE Africa All SHR gained 1.07 percent to 51,573.57 at 11:0029 p.m. Egypt, Tanzania, Namibia and Botswana also joined the profit rally.

In Asia, China Shanghai Composite Index lost 2.10 percent to close at 3,086.06 bringing its total profit for the year to 33.72%. Chinese market is the only major emerging market that lost its early profit to close at a lost.

The Nigerian naira fell by 2 naira or 0.9 against the U.S dollar to close at N226 to a U.S dollar from N224 sold on Tuesday.

On September 14, Nigerian foreign exchange reserves fell from $31.63 billion by 3 percent to $30.69 billion according to the data displayed on Central Bank website. The FOREX reserves so far this year has depleted by 22 percent.

President Muhammadu Buhari has reportedly turned down any further devaluation of the naira to accommodate gap in the FOREX policy of the Central Bank of Nigeria (CBN).

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.