|Bid||6.43 x 100|
|Ask||6.76 x 500|
|Day's Range||6.66 - 6.66|
|52 Week Range||5.67 - 7.84|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.65%|
"The market was just reflecting global trend in the last few days, which has seen many major stock markets falling," Rasheed Yussuff, chief executive of Trust Yields Securities, said. Low stock valuation and the relative stability in the foreign exchange market over the last few months have helped to draw many offshore investors into the equity market, leading to a surge in the domestic equity market. The equity market has benefited from the recovery in liquidity on the currency market with the introduction in April of a new forex window for investors to trade the naira at market-determined rates.
Nigerian lenders will try to stabilise the business of 9mobile, the country's fourth largest telecoms group, until they can find new investors, First Bank said, adding that it saw no need to impair loans made to the company, because of its cash flows. "On the part of lenders, we are trying to reposition the company till we find new investors. With the level of cash flow we believe there will be no need for impairment," the bank's chief executive Adesola Adeduntan said on an analysts' call.
Nigeria's benchmark index hit new two-year highs on Tuesday, led by banking shares after the central bank said it was committed to opening up the local currency market to investors. The index rose 2.54 ...