Financial Markets reopen after Christmas Holiday

Posted by Newsexpress | 29 December 2016 | 1,464 times

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Financial markets reopen in Nigeria on Wednesday, after the two-day national holiday declared to celebrate Christmas and Boxing Day.

The Nigerian stock market is open for business and as the year winds down, analysts expect sentiments to remain positive.

At the close of Friday’s session, the market closed negative for the first time in four weeks as the all share index declined by 0.91 per cent to close at 26,486.02.

Meanwhile at the inter-bank money market, the overnight spot rate is expected to adjust downward to normal, from the one-off level of 20.7 per cent last week.

The Central Bank’s attempt to eliminate the black market continues to compress the flow of liquidity in the parallel market and the Naira is forecast to depreciate further at the parallel segment. (Channels TV)


Source: Newsexpress

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