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Equities sustain gains on naira devaluation; up by N274bn in 3 days

The fate of the market changed on Tuesday after the announcement of devaluation of naira.The market had on Monday closed on a negative note, as…

The fate of the market changed on Tuesday after the announcement of devaluation of naira.
The market had on Monday closed on a negative note, as market capitalization depreciated by N57 billion.
However, after the succor of devaluating the naira, market peaked up on Tuesday with N79 billion from N11.184 trillion to close at N11.263 trillion.
Also on Wednesday, market capitalization rose by N155 billion to close at N11.418 trillion, while market recorded N40 billion to close at N11.458 trillion.
Commenting on the development in equity market, a stockbroker trading with Calyx Securities Limited, Mr. Tunde Oyediran said the improvement in the capital market is as a result of devaluation of naira.
According to Oyediran, for a country that devaluate its currency, there would be intake from foreign investors to take advantage of low share price in the market. He stressed that; the devaluation would attract foreign investors back to the market.
He also attributed the growth in the market to the expectation from the companies by the end of the year.