The Nigerian stock market performed well week on week, W/W, after the Central Bank of Nigeria, CBN’s relaxation of foreign currency, FX restrictions on 43 consumer commodities.
The central bank recently lifted the restriction it imposed on 43 products previously barred from acquiring currency through its official window.
Analysis conducted by AfroWorldNews, for last week’s trading, however, revealed that the All Share Index, ASI, posted a 1.12% WoW increase, the largest weekly gain since the week of September 1, 2023, while the Nigerian Exchange Limited, NGX, rose in four of the five trading sessions.
As a consequence, market capitalization increased by N409.91 billion WoW to finish at N36.92 trillion, and the All Shares Index, ASI, Year-to-Date, YtD, returned increased to 31.12%.
Strong demand kept the market’s bull run going, as seen by the gains of NASCON (4.96%), Access Corporation (0.63%), and UBA (0.29%) in addition to other Tier-1 institutions.
Below are the 43 items on the Forex ban list
- Rice
- Cement
- Margarine
- Palm kernel
- Palm oil products
- Vegetable oils
- Meat and processed meat products
- Vegetables and processed vegetable products
- Poultry and processed poultry products
- Tinned fish in sauce (Geisha)/sardine
- Cold rolled steel sheets
- Galvanized steel sheets
- Roofing sheets
- Wheelbarrows
- Head pans
- Metal boxes and containers
- Enamelware
- Steel drums
- Steel pipes
- Wire rods (deformed and not deformed)
- Iron rods
- Reinforcing bars
- Wire mesh
- Steel nails
- Security and razor fencing and poles
- Wood particle boards and panels
- Wood fiberboards and panels
- Plywood boards and panels
- Wooden doors
- Toothpicks
- Glass and glassware
- Kitchen utensils
- Tableware
- Tiles-vitrified and ceramic
- Gas cylinders
- Woven fabrics
- Clothes
- Plastic and rubber products
- Polypropylene granules
- Cellophane wrappers and bags
- Soap and cosmetics
- Tomatoes/tomato pastes
- Eurobond/foreign currency bond/ share purchases
Afro World News
